Russia And Its Position On Crypto: Is A New Cold War Up Ahead?

[sirty143]

Russians have always been known not to toe anyone else’s’ path when it comes to technology. From their own fighter planes, Nuclear Submarines and even civilian jets (the Ilyushin for instance), it can be seen that “made in Russia” at best or a Russian version of events is what they tend to do best.

Russia’s stand towards cryptocurrencies has been somewhat ambiguous, From 2017 where the Russian government was considering wide regulations on cryptocurrencies (which include: taxation on ICOs, taxation of miners and so on) to several declarations this year on wider acceptance of cryptocurrencies, one thing is certain: The Russians are certainly up to something; it’s just that we are not sure what exactly they have in mind yet.

Exactly a month ago, Prime Minister Medvedev downplayed the importance of Cryptocurrencies to both the Russian people and the government. His statements came as the bullish surge of bitcoin was coming in. It may sound like a blip on the radar, but it’s the timing of his comments which seem to be quite auspicious; especially the tone (so as not to “rattle” the markets).

Downplaying Mother Russia’s interests is of strategic importance to the new order of things. Firstly, since the Western Anti-Russian Legislations which have begun in full swing against key players who hold sway within and around the Kremlin have begun to come into full effect (we all know how the guys in the West love their laws), cryptocurrencies could be used to skirt and sidestep these new laws which prevent these state actors from having access to the global financial system.

This is due to the decentralized nature of cryptocurrencies which can’t be regulated by any state entity.

Secondly, with the topsy-turvy nature of the World energy markets of which Russia is a key player, cryptocurrencies can serve as a hedge to buffer the uncertainties (especially during the bull run of cryptocurrency markets).

Thirdly, the West has come around with fresh economic sanctions which can’t be enforced if the Russians decide to use cryptocurrencies as their means of settlement for international trade deals.

The news making rounds about the Russians are backing the creation of a gold-backed cryptocurrency to bypass the US dollar is enough evidence of this.

The big question though is: Is this the start of a new Cold war?

It’s highly unlikely!

This is because there are too many factors (and actors) at play for that to occur.

The best bet is that these will be interesting times for everyone!

It’s no longer about two large Countries trying to outdo each other anymore.

What do you think? Is a new Cold War coming due to the emergence of cryptocurrencies?

Please let us know!

Source: ZyCrypto

[Alcor]

I do not see the relationship between the emergence of cryptocurrency and the onset of a new cold war between Russia and the West. The Russian government is consciously unleashing not only a cold but also a hot war, provoking and starting military conflicts in various regions of the world and especially with its neighbors. Of course, the rest of the world can’t just look blankly at the robber actions of Russia, and so for now they are applying international sanctions. However, the Russian government does not want to realize that it is in direct conflict with the rest of the world and thereby isolates itself from it. Therefore, at a minimum, a cold war between Russia and the rest of the world is truly inevitable.

[Fenix]

So far, Russia is grazing the rear and in terms of the legalization and use of cryptocurrency on its territory. What we hear and see so far on this issue causes only despondency, if not to speak more sharply. This is one of the few states where its citizens are going to ban free use of cryptocurrency. Recently, Russia really has nothing to boast, except for its submarines, combat aircraft, Iskanders, cities, which it successfully tests on the territory of its neighbors. I feel sorry for the citizens of Russia, whom their corrupt government zombies and tries to isolate from the rest of the world. Including in every way to remove from the use of the Internet and cryptocurrency.

[Zed0X]

I don't see countries competing against each other when it comes to cryptocurrencies unlike 5G.

Russia has been "cool" so far with crypto despite downplaying its significance. one thing is for sure, they are very much interested in blockchain technology.

[Senin]

I don't see countries competing against each other when it comes to cryptocurrencies unlike 5G.

Russia has been "cool" so far with crypto despite downplaying its significance. one thing is for sure, they are very much interested in blockchain technology.

Russia may be interested in blockchain technology. But in the widespread introduction of cryptocurrency, I do not see it. If they plan to prohibit the use of cryptocurrency as a means of payment, then what can we talk about at all. For the time being, I see that the Russian government is gradually isolating its citizens from the outside world, as always, explaining that by caring for them.

[Noverteno]

They are not going to create any cryptocurrency with gold collateral in Russia. There it is quite possible that they will use cryptocurrency to circumvent international sanctions. This is the beginning of the new cold war or not, depends only on the political leadership of Russia. So far, the leadership of Russia is opposing itself to the rest of the world and is behaving like ordinary thugs who have come out to rob and kill their neighbors.
 The Cold War is the most favorable development of events, if the leadership of Russia will continue to behave in this way. So far, the situation is slowly moving toward a third world war. Many people underestimate the seriousness of the current situation, which is a pity. If the third world war begins due to the fault of Russia, hundreds of millions of people will die and the cryptocurrency will simply disappear.

[mimikri]

I don't see countries competing against each other when it comes to cryptocurrencies unlike 5G.

Russia has been "cool" so far with crypto despite downplaying its significance. one thing is for sure, they are very much interested in blockchain technology.

Russia may be interested in blockchain technology. But in the widespread introduction of cryptocurrency, I do not see it. If they plan to prohibit the use of cryptocurrency as a means of payment, then what can we talk about at all. For the time being, I see that the Russian government is gradually isolating its citizens from the outside world, as always, explaining that by caring for them.

Nevertheless, many Russian residents continue trading and investing in cryptocurrencies. The country government position is odd if they are going to launch their own crypto Ruble soon.