Russian Minister Speaks against Banning Cryptocurrencies

Russian Minister Speaks against Banning Cryptocurrencies. The past weeks have been very turbulent, to put it mildly, for all cryptocurrencies and especially for Bitcoin that has suffered the most of all cryptocurrencies. First, China banned Initial Coin Offerings that caused the value of all cryptocurrencies to go down. After that, several reports indicated that the United States and the United Kingdom will be imposing tough regulations on this market even though there might not be a good enough reason for that.

Countries like the US, UK, Singapore, and China are suppressing Bitcoin and cryptocurrency markets because of the fact the cryptocurrencies have become a serious threat to the established financial system and financial institutions. Because of that, more and more large banks are speaking against the cryptocurrencies as they have already felt the consequences of the rise of Bitcoin and other cryptocurrencies such as Ether, Monero, Bitcoin cash, and many others.

Russia Going in Opposite Direction

On the opposing end of that spectrum is Russia. Russia is currently the country that has gone the furthest and that has done the most about making Bitcoin legitimate payment method in the country. Besides that, Russian officials are also working on incorporating cryptocurrencies into the Moscow stock exchange and that would be the first time that cryptocurrencies would be officially recognized as a part of the financial sector.

Russia’s Minister for Open Government, Mikhail Abyzov, recently spoke about cryptocurrencies, their potential, and what they could possibly become in the future. He spoke about the importance of new technologies and the incorporation of those technologies into everyday life. He also said that the technological development should be supported no matter if it is in the field of cryptocurrencies or in some other fields that involve the blockchain technology.

He said that the Russian technology sector has a huge potential for developing important and useful technologies. Considering how much Russia has been involved in the creation and development of cryptocurrencies, the country might be on the path of establishing a new revolutionary technology that could be applied in the cryptocurrency market as well as in other fields. Abyzov has said that it is very hard to predict where the development of the technology will go in the future but he emphasized that it is important to maintain the control over that development.

It’s Time for the Future

According to Abyzov, cryptocurrencies are the future and this future is here. In his opinion, cryptocurrencies have become an inevitable part of the global financial market and huge numbers of people are engaged in this business. Abyzov believes cryptocurrencies have become so important in everyday life that the government should not have the right to interfere and impose any kind of ban on these activities. Indirectly, this was a strike against China because reports have been indicating that China might be banning cryptocurrencies exchanges for good, which would make cryptocurrencies illegal in the country.

Unlike China, Russia is doing the opposite as they are preparing a bill that would legitimize the status of Bitcoin and other digital currencies. Considering that it is very hard to use cryptocurrencies for any type of criminal activities, the Russian government officials have said that there is no point in making cryptocurrencies illegal in the country.

Written by Ivan Potocki