The Russian Minister of Economic Development Maksim Oreshkin publicly stated that although bitcoin is a “bubble”, the work of Satoshi Nakamoto has affected the world in a good way. The politician sees positive in the fact that the popularity of cryptocurrency has stimulated investment in new technologies almost all over the world.
Talking on Wednesday with journalists on Russian Calling, an investment forum organized by VTB Capital, Oreshkin said that despite the problems the crypto-asset market is currently facing, the debate on digital currencies has led, among others, to to create new projects based on blockchain technology. He said:
“You can remember what I said, for example last year, when the price of bitcoin increased to USD 20,000 – now it is lower than $ 4,000 – I said [then] very simple things. Bitcoin itself is a bubble, (…) but again, when it comes to new technologies, new companies – gave [the market] a positive impulse. “
Russia wants blockchain
His line is consistent with the general approach of the Russian state to cryptocurrencies. Until now, the legal status of digital currencies, ICO and crypto-mining was not clear, but at present the Russian authorities are already debating this topic.
In March, three draft bills were submitted in the Duma, which aim to regulate the new market. The proposed provisions, however, contain provisions that Russia will not recognize cryptocurrencies as legal means of payment in its country. This may come as a surprise, because in the past, it was taken into account that the country may want to circumvent the economic sanctions imposed by the US using its own digital currency (as does Venezuela with the Petro token). Also worked on KryptoRublem, which was to become the national cryptocurrency of Russia, in its essence, however, only being the electronic equivalent of the “paper” ruble.
Speaking in June, President Vladimir Putin also said that while the state continues to look at the “cryptographic phenomenon” with great interest, it can not issue its own cryptocurrencies or tokens at the moment because they by definition go beyond the regulatory scope of the relevant government agencies.
So how is the future of cryptocurrencies in Russia? We will probably find out in 2019.