Friday, February 26, 2021

Tag: Putin Supports Crypto Currencies – His Central Bankers Do Not

Putin Supports Crypto Currencies – His Central Bankers Do Not

by John Driscot, Russia Insider:

“Russia, which missed its opportunity to be a part of the personal computing revolution in the last century due to its isolation, is grasping this opportunity to get ahead of its geopolitical competitors.”

Imagine my shock: the head of Russia’s central bank, Elvira Nabuilliana, has expressed doubt that Russia should legalize cryptocurrencies.

Nabuilliana, dubbed “Putin’s right-hand woman” in an article in the Economist last April, suggested to the 15th International Banking Forum in Sochi last week that the future of cryptocurrencies is uncertain in Russia, especially after the news that China was banning ICO’s. Her deputy governor, Dmitry Skobelkin said that “China doesn’t recognize cryptocurrency as payment and forbids ICOs,” according to Bloomberg.

Conveniently left out is the fact that China has not banned cryptocurrency outright, but merely banned new ones. Projects such as NEO still exist and cooperate with the Chinese government.

As was widely reported, Putin met with the founder of Ethereum, Vitalik Buterin, back in June. Ethereum is one of the biggest cryptocurrencies, with the second largest market capitalization (behind Bitcoin), and some believe it has the potential to overtake Bitcoin sometime in the future. Putin’s meeting suggested to many that the Russian government would be for the economics of the future by embracing blockchain technology.

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