Innovations vs. Stability – Who Wins?
Russia, like many other countries, is on the crossroads now. A new financial reality threatens the system that worked seamlessly throughout many years. Resisting it means resisting the technical progress itself, accepting it means challenging the traditional financial system. Russia positions itself as a traditional superior state that values its financial independence above all, and its national currency, ruble, is the very base of it.
However, no one can stop the technical progress. Mining of cryptocurrencies from the apartments of the enthusiasts expanded to industrial levels. Bitcoin keeps growing no matter what, and such huge financial flows can’t be ignored anymore. The potential of funds that could go into the state budget from the crypto industry is great, and it keeps growing.
A cat wants to eat fish but doesn’t want to wet the paws. Independence is good but big money goes past the state treachery. Some want to ban the cryptocurrencies completely. Others are serious about leaving the country that is so unfriendly to technological innovations embraced by the entire world.
Elena Gultyayeva, the Head of RACIB’s Legal Committee, says it’s not possible to predict the future of cryptocurrencies in Russia at the moment. Many things will depend both from the laws that are yet to be accepted and how they will be implemented on practice.
The longer it takes to stay unsure, the more urgent is the need to act. We can only hope that common sense will take over the conservative minds, and the government will compromise with the users.