Russia was offered not to ban, but to take control of the most popular cryptocurrency
Russia needs to pump not only oil and gas, but it’s time to learn to “pump” money, as the United States has been doing for 100 years. About this in your blog argues economist Alexey Muratov.
He criticizes the initiative of the Central Bank to ban the circulation of cryptocurrencies on the territory of the Russian Federation, a PolitNavigator correspondent reports.
“Russian President Vladimir Putin, in response to the Central Bank’s initiative, instructed the authorities to develop a common opinion on the cryptocurrency issue.
You and I talked a lot about the fact that The global financial system is an instrument of control. Any of the operations may be suspended or cancelled. You can even impose sanctions on entire countries for far-fetched reasons. The threat of Russia being disconnected from SWIFT also constitutes a strong argument in favor of abandoning international financial instruments in order to ensure state security. Crypto assets are intended to become an alternative.
Today, the international cryptocurrency market is under threat, experiencing a crisis of secondary centralization.
Russia can turn all the negatives of Bitcoin into positives, namely, not to reinvent the wheel, which, in essence, is the Central Bank’s crypto-ruble, but to take the most popular cryptocurrency – Bitcoin – under state control. This can be done through the creation in Russia of the world’s first largest state mining pool in the form of a state corporation or special crypto-economic zones with a special tax regime. The creation of such state corporations will attract a large number of foreign investors (including from China and other countries where the circulation of cryptocurrencies and mining will be prohibited). Western investors will also be able to invest through Bitcoin in various sectors of the Russian economy without fear of sanctions consequences.
The creation of the world's first state-owned mining pool will give Russia the opportunity to gain partial control over the emerging decentralized global financial system. up to full control over all transactions on the network. For example, at the request of regulatory authorities, the state mining pool (if it subsequently becomes the largest) will be able to refuse to process transactions from those wallets that are involved in terrorist or other criminal activities. This will take control of Bitcoin transactions.
In addition, it is relevant to replace the gold-foreign exchange reserve with a gold-cryptocurrency reserve, half consisting of gold (a classic exchange instrument) and bitcoin (the most stable and promising cryptocurrency today). Theoretically, in the event of a complete depreciation of Bitcoin, the gold reserve will retain its exchange value. However, it is highly likely that Bitcoin will continue to grow and bring additional revenue to the government treasury. Especially after Russia’s announcement about the transition to gold and cryptocurrency reserves. Other countries may follow Russia, which will further provoke a further increase in the value of Bitcoin.
Thus, the disadvantages of the crypto market, expressed in centralization, in Russia can be transformed into obvious advantages: centralization and regulation will become measures to support the international cryptocurrency industry. By gaining control of Bitcoin, Russia will be able to offer the world an alternative financial system to counter the current global monopoly of the United States., based on the dollar and the American banking system,” says Muratov.
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