Russian presidential advisor suggested using cryptocurrency to avoid economic sanctions

nRunaway Comment: Although Russia has indicated that it is enacting a bill that will greatly limit the participation of ordinary citizens in encrypted currency transactions, it seems that the government is very much interested in the role of this new thing. Recently, a consultant to Russian President Vladimir Putin on publicly advising the use of cryptocurrencies to sidestep economic sanctions has aroused great public concern. At the same time, some unrecognized independent countries in the region are also actively pursuing this idea in order to develop their economy.n
nTranslation: Inan
Glazev: “Objective Requirements” Using Cryptocurrenciesn
According to Russia’s Kommersant, Putin’s adviser Sergey Glazev said Russia faces the objective need to avoid the negative effects of economic sanctions imposed by other countries using cryptocurrencies.n

Sergey Glazevn
His remarks signaled that Russia is taking more constructive steps in the area of ​​cryptocurrency regulation. Before that, Russia’s position was rather unclear and many top legislators clashed with each other over how to deal with cryptocurrencies in the future.n
It is learned that a series of bills to be announced by Russia in July next year will place relatively strict restrictions on bitcoin and copycat transactions, but the extent to which ordinary citizens have no access to such markets remains unclear.n
In the meantime, the “CryptoRuble”, backed by the Russian Central Bank, will have the discretionary power, though it will also be completely under the authority of the authorities.n
Since the advent of cryptocurrencies in 2014, the idea of ​​using them to evade economic sanctions has repeatedly been mentioned on informal occasions, but Glazev was the first high-level official to publicly recommend such practices.n
Donbass, Abkhaz have to follow suitn
Although the West believes that its sanctions have dealt a serious blow to the economic stability of Russia, others are opposed to this statement and wonder whether this kind of sanctions really disrupts its fiscal or political policies.n
Authorities in the conflict zone in eastern Donetsk in eastern Ukraine have publicly called for the full implementation of cryptocurrencies, and these unrecognized emerging countries hope to support their economic strength on the one hand.n
That measure, backed by Russia, has also been taken by Abkhazia, Russia, and has already stated at a meeting in Moscow last month that it plans to develop its own “Abkhaz token” and replace it with cash as soon as 2022. The country, which is not internationally recognized, is currently using the Russian ruble as its de facto national currency.n

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