Bitcoin, Blockchain, Cryptocurrency, Economy

Rubble-powered Financial System can be ruined by BTC and Altcoins

The chief engineer of Russia’s crypto regulations has supported a new Russian policy that outlaws payment in bitcoin (BTC) and altcoins – insisting that a failure to do so could mean the end ruble-powered Russian financial system.

The remarks were provided by the head of the parliamentary committee on financial markets Anatoly Aksakov, in an interview with the Russian-language edition of state-controlled Russia Today.

Aksakov stated that Moscow had no plans to “legalize digital money as a unit of accountancy,” adding,

“[Cryptoassets] can be used as a method of payment for goods elsewhere in the world, but not in Russia. The recognition of digital coins as an official means of payment on a par with the ruble would mean the destruction of the financial system, which ensures the stable operation of the entire economy. Our plans do not include the legalization of [cryptoassets] as a payment alternative to the ruble.”

However, Aksakov suggested that Moscow is hopeful for its growing blockchain technology sector. He indicated that the technology could help boost international trade – and even help Russia bypass the burden of international sanctions.

He said,

“Business can now attract investments from foreign partners and sell their goods on blockchain networks. At the same time, the blockchain technology, due to its technical features, makes it possible to bypass sanctions-related restrictions, which helps contribute to the development of trade.”

As it was reported, that although the new law makes outlaw crypto payments, it is unlikely to impact the sector much, and amounts to little more than a “glossary of crypto concepts” – with a more comprehensive set of regulations likely to follow in 2021 at the earliest.

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