Russian Lawmaker: Crypto Pay Could ‘Destroy the Financial System’
The chief architect of Russia’s crypto regulations has defended a new Russian law that outlaws payment in bitcoin (BTC) and altcoins – claiming that a failure to do so could have spelled the end for the ruble-powered Russian financial system.
The comments were made by the head of the parliamentary committee on financial markets Anatoly Aksakov, in an interview with the Russian-language edition of state-controlled Russia Today.
Aksakov stated that Moscow had no plans to “legalize digital money as a unit of accountancy,” adding,
[Cryptoassets] can be used as a method of payment for goods elsewhere in the world, but not in Russia. The recognition of digital coins as an official means of payment on a par with the ruble would mean the destruction of the financial system, which ensures the stable operation of the entire economy. Our plans do not yet include the legalization of [cryptoassets] as a payment alternative to the ruble.”
However, Aksakov suggested that Moscow has high hopes for its growing blockchain technology sector. He suggested that the technology could help boost international trade – and even help Russia bypass the burden of international sanctions.
He said,
“Business can now attract investments from foreign partners, as well as sell their goods on blockchain networks. At the same time, the blockchain technology, due to its technical features, makes it possible to bypass sanctions-related restrictions, which helps contribute to the development of trade.”
As previously reported by Cryptonews.com, that although the new law does outlaw crypto payments, it is unlikely to impact the sector much, and amounts to little more than a “glossary of crypto concepts” – with a more comprehensive set of regulations likely to follow in 2021 at the earliest.
Reference: https://cryptonews.com/news/russian-lawmaker-crypto-pay-could-destroy-the-financial-syst-7431.htm
This is nothing more but the old “bitcoin bad blockchain good” they are going to use the blockchain to avoid the sanctions against their country and to get even more control of their citizens but if their citizens try to get a little bit more freedom and a great investment opportunity then that is bad for the economy.The chief architect of Russia’s crypto regulations has defended a new Russian law that outlaws payment in bitcoin (BTC) and altcoins – claiming that a failure to do so could have spelled the end for the ruble-powered Russian financial system.
The comments were made by the head of the parliamentary committee on financial markets Anatoly Aksakov, in an interview with the Russian-language edition of state-controlled Russia Today.
Aksakov stated that Moscow had no plans to “legalize digital money as a unit of accountancy,” adding,
[Cryptoassets] can be used as a method of payment for goods elsewhere in the world, but not in Russia. The recognition of digital coins as an official means of payment on a par with the ruble would mean the destruction of the financial system, which ensures the stable operation of the entire economy. Our plans do not yet include the legalization of [cryptoassets] as a payment alternative to the ruble.”
However, Aksakov suggested that Moscow has high hopes for its growing blockchain technology sector. He suggested that the technology could help boost international trade – and even help Russia bypass the burden of international sanctions.
He said,
“Business can now attract investments from foreign partners, as well as sell their goods on blockchain networks. At the same time, the blockchain technology, due to its technical features, makes it possible to bypass sanctions-related restrictions, which helps contribute to the development of trade.”
As previously reported by Cryptonews.com, that although the new law does outlaw crypto payments, it is unlikely to impact the sector much, and amounts to little more than a “glossary of crypto concepts” – with a more comprehensive set of regulations likely to follow in 2021 at the earliest.
Reference: https://cryptonews.com/news/russian-lawmaker-crypto-pay-could-destroy-the-financial-syst-7431.htm
Let this be a lesson, governments will always change their rules without notice and they will try to trap you with their lies, never trust them especially when it comes to cryptocurrencies, the only problem is that as long as people keep being sheep and believe everything they say the adoption of bitcoin will still be low, but when the economic system collapses people will finally understand that giving control to a centralized authority of the whole economy is not a good idea.
