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Miners and Russians do not want to let go of cryptocurrencies
After much speculation, the Russian executive makes a decision regarding cryptocurrencies
The central bank of Russia a few weeks ago published a statement that paralyzed Russian miners and the cryptofan community, as it unceremoniously declared that “The spread of cryptocurrencies on its territory would only bring disastrous consequences.”
Placing the laceration against cryptocurrencies on the table, in order to produce a positive government decision, regarding its desire to eliminate digital asset transactions throughout the territory of this country.
The wait is over, since it seems that the government does not want to release cryptocurrencies, due to the notable positive stimulation of the Russian treasury.
The Russian government is at odds with its central bank
On one side we have the great territory that belongs to Russia being imposing for decades, and on the other, we see that it seems that the conflict that everyone is talking about has been developing from within this nation.
Of course, the internal organs seem to disagree on important issues, which in this case are both cryptocurrencies and digital assets (such as NFTs).
The federal security service, or better known simply by its acronym FSB, was the one that ordered the statement provided by the central bank in January, due to concerns regarding cryptocurrencies.
The document describes several risks of the crypto market, and a ban on the mobilization of cryptocurrencies within Russia is proposed.
This information is explained in more detail in our article: “The Depressive Week: Cryptocurrencies Show Falls by Mining Countries”.
Despite the argument given by the FSB, the president of the central bank was unconvinced. Even so, he did not seem to have more say in the matter of a good dialogue and he had no choice but to obey the orders of the FSB.
Giving a specific implementation deadline until March 1, 2022 for opposition members to give their opinion on the ban, which caused a much denser tension.
The estimated time was shortened in the last hours, and the recent statement published by the Russian executive indicates that it will not ban cryptocurrencies or digital assets within its territory.
Russia does not want to ban but to control
The Russian government has already proven how fertile profits can be at the expense of cryptocurrencies. This idea comes because of the laws imposed last year to keep cryptocurrencies somewhat under control. Which brought profit to Russia through taxes.
Banning is not an option at this time, even more so when you have such strong political problems, such as the Putin vs. NATO scenario. That is why this country decides to go down the path of regulating the crypto market.
Somehow the government of Vladimir Putin is making public a decision that has been wanted for a long time, since the heyday of the feverish use of mining in Russia.
His cabinet believes that the lack of control over these tokens, classified as "financial assets" in his statement, would only increase scams and money laundering.
Intelligence agents establish that if there were no regulation in the world of cryptocurrencies, they would only have a lack of control and would take the Russian economy with it, placing it in a submerged state; the imbalance of the market and the increase in scams in this way would also increase.
The document establishes the creation of strict regulations, recognizing cryptocurrencies as a financial asset, but away from physical currency currencies.
While protecting the rights of the investors of these tokens will remain a mantra in the legal framework and the strict regulations that will be imposed.
The path of regulation in cryptocurrencies is taken by Russia
At this point, the government of Vladimir Putin no longer shares the image that China has had, in relation to banning cryptocurrencies in its territory.
Instead, it joins the group of countries that have been regulating (or thinking of doing so) cryptocurrencies, respecting the rights of investors.
In theory, all states want to control them, because the total decoupling of these digital assets means that their current currencies would lose strength, and the impact on the control of national banks would not be the same.
Losing the power of money is not something that international financial institutions and state leaders want to make a reality.
Both the US and Europe have regulated cryptocurrencies and are also interested in the technology they could use themselves, for centralized state-owned currencies, as China has done.
The Asian country has even used the digital Yen as a payment method for the Winter Olympics, which are currently taking place within its territory.Experts on the subject see the United States joining the idea of China, since the dollar being a ruling currency beyond its country, it is a queen who does not want to be left without a crown.
While Russia has not yet said anything in relation to using blockchain technology to digitally activate the Russian item. In all these decisions of states against cryptocurrencies, the future is uncertain.
