Role of Russia in Cryptoworld: Dark Horse or Petty Upstart?

Role of Russia in cryptoworld? When you think about cryptocurrencies, bitcoin, blockchain and other these brand-new things in the financial world, the last thing you would stress your attention at is Russia. You might even think that only things that exist in Russia are vodka, balalaika, and Vladimir Putin riding a bear. Well, this is partly true. Only about Putin riding a bear. However, anyway, the role of Russia in cryptoworld is not only limited by Putincoin and PutinClassic tokens, and I’m going to tell you why.

What forced me to write about this? A couple of days ago Bloomberg Markets included 23-year old Russian cryptogeek Vitalii Buterin in TOP-50 most influential people of the year. It was not the first time me seeing this guy on this sphere radars, but TOP-50 of the world’s most influential people? As for me – too much praise for a simple creator of Ethereum. This pushed to further reflections on Russia’s role in the cryptoworld. Let’s see what we have here.

At first, Russian government showed a lot of mistrust to the new “Internet currencies” that came from the deep web, the shelter for drug dealers, weapon traders and other guys every government wishes not to exist at all. A couple of years ago you could read the news articles’ headers like “Russia is going to ban Bitcoin” or “Putin oversees danger in the newly popped up financial method.” But later on, their opinion started to change to more positive. Different intragovernment transformations were noticed later changing the overall bad point of view to interested. But it is not only about the leaders’ talks. Now you can hear different statements and promises regarding Bitcoin and blockchain. The most recent one – Vladimir Putin instructed to legitimize cryptocurrencies and ICOs by the first of July 2018. From different levels of governmental pyramid in Russia more and more positive thoughts and propositions can be heard. The most recent and the craziest is the proposition to create a mining city in Siberia. Not iron ore, gold or diamond mining as of which Siberia has always been famous for, but the twenty-first-century-resource mining – cryptocurrency mining. It is really likely that their government is treating this all cryptostuff even more adequately than the American government. And trying to get more and more into it.

What shows the more serious attitude to the integration of cryptocurrencies into routine Russian life is the Creation of Cryptorouble. Obviously, transactions in the blockchain network cannot be tracked by the government in the regular blockchain networks, but what will be if the government holds all the processing facilities? Moreover, to enter the network you will probably have to input your personal information, what is the first step to tracing and control on the blockchain financials. Or maybe this is a representation of something bigger than simply creating a cryptocurrency (even a very common one). If you can’t prevent something, take the lead on that. Maybe if they understood that they won’t be able to play by the rules set by the general blockchain network, they decided to set up their own rules?

Whatever of all these predictions happen, one can’t deny that Russia is acting pretty suspiciously on the world blockchain map and is going to increase their influence in this sphere. Well, you cannot expect the opposite from the country trying to control everything in their internal processes as well at the global scale. But will they gain the true power here? I don’t know, but one big thing I am sure about for sure is we will probably hear more from Putin and Co soon.

But for now read more about cryptocurrency on my blog here.

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