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Russia's Love-Hate relationship with Cryptocurrencies !

According to me there are a hand full of countries that can really influence mass adoption or rejection of Crypto currencies . Russia is clearly one of them , i have noticed several influential events in recent history that are extremely vital for future of Cryptocurrencies . Below is my observation and my humble opinion about future of cryptocurrencies in russia , also the impact what Russia can have on the crypto world altogether !
Russia is the home of the founder of Ethereum, the second most popular cryptocurrency in the world after bitcoin, Vitalik Buterin. The world’s largest bitcoin Miner, Bitfury , was created by another russian ,Valery Vavilov. Cryptocurrencies have always been popular in Russia, but for years Russia and its government in particular has had a unique love-hate relationship with Blockchains , Bitcoins and Cryptocurrencies in general.
The Government initially tried to dissuade the attraction towards cryptocurrencies by indicating heavy-handed regulation, however they never really implemented them. Bitcoin mining too was considered taboo initially. Within the last few years, the problems surrounding the regulation of cryptocurrencies in Russia has been discussed over and over again. The spectrum of opinions of State authorities range from a complete ban of Cryptocurrencies to impose legal sanctions on all involved or even to create an offshore cryptocurrency Zone to facilitate its trade.
In November 2016, the Federal Tax Authority published its first document addressing the issues surrounding the regulation of cryptocurrencies. In December 2016, It was indicated than new regulations are being created and changes are being made in national legislation to facilitate the process of development and integration of new technologies, including financial technologies and Blockchain technology.
It has been a general observation that, as the country found itself in an economic stagnancy , with harsh economic sanctions , war like situation with Ukraine and western Europe over few years , volatility of Ruble and most importantly oil price crash - The stance of the government towards bitcoin and other cryptocurrencies has softened - so much so that on June 2 2017 , Deputy chief of Bank of Russia stated in a public forum that 'It's Time to Develop National Cryptocurrencies'. Weeks later came an announcement that Russia is planning to implement a state sponsored Bitcoin mining company to rival China in Bitcoin Mining. Russia has lately come to be known as a Cryptocurrency Heaven.
But yet again in a typical contradictory attitude , yesterday Russia’s deputy finance minister Alexey Moiseev has said it is “hard to argue cryptocurrency is not a pyramid scheme” and indicated a complete Ban on purchase and sale of Cryptocurrencies for Common people. Investement and trading can be handled only by selected qualified personnel. this announcement not only confused several investors but also created chaos in certain communities.
Here is what my analysis says ! Clearly Russian Authorities and government have recognized the oppurtunity and value in Cryptocurrency market. They want to invest heavily in the block chain technology but unlike other countries they want to use there state sponsored mining power on few (if not a single) selective crypto currency. Just like NEO is a state sponsored (or atleast approved if you what i mean) Chinese cryptocurrency , Russia too would come out with its own crypto currency, alternatively they may adopt any particular existing currency and try and focus there energies on it. If government allows selected qualified advisors to invest in crypto currency market , its much more easier to influence there investments. the Russian authority might very well ban most of the currencies and allow investment only in selected currencies , supported by state sponsored mining for them.
What does it mean for the Investors ? I personally believe , if any Government favors any particular cryptocurrency - it will definitely boom. any new currency or existing currency which is adopted by Russians officially will see mass acceptance and massive investment gains for the investors in long run. while banning of direct investments in crypto will hurt the market cap of most major players initially , i think Privacy crypto currencies like Monero , Zcash , Dash and PVX should benefit immensely.
Irrespective of what Russia does , be it a complete ban of cryptocurrencies or be it mass adoption on selective currency , it is safe to say that cryptocurrency have become too important in this modern day world. You can love them - You can hate them , but you can not ignore them !
What do you all think ?
submitted by purast54 to russia [link] [comments]

Russia's Love-Hate relationship with Cryptocurrencies !

According to me there are a hand full of countries that can really influence mass adoption or rejection of Crypto currencies . Russia is clearly one of them , i have noticed several influential events in recent history that are extremely vital for future of Cryptocurrencies . Below is my observation and my humble opinion about future of cryptocurrencies in russia , also the impact what Russia can have on the crypto world altogether !
Russia is the home of the founder of Ethereum, the second most popular cryptocurrency in the world after bitcoin, Vitalik Buterin. The world’s largest bitcoin Miner, Bitfury , was created by another russian ,Valery Vavilov. Cryptocurrencies have always been popular in Russia, but for years Russia and its government in particular has had a unique love-hate relationship with Blockchains , Bitcoins and Cryptocurrencies in general.
The Government initially tried to dissuade the attraction towards cryptocurrencies by indicating heavy-handed regulation, however they never really implemented them. Bitcoin mining too was considered taboo initially. Within the last few years, the problems surrounding the regulation of cryptocurrencies in Russia has been discussed over and over again. The spectrum of opinions of State authorities range from a complete ban of Cryptocurrencies to impose legal sanctions on all involved or even to create an offshore cryptocurrency Zone to facilitate its trade.
In November 2016, the Federal Tax Authority published its first document addressing the issues surrounding the regulation of cryptocurrencies. In December 2016, It was indicated than new regulations are being created and changes are being made in national legislation to facilitate the process of development and integration of new technologies, including financial technologies and Blockchain technology.
It has been a general observation that, as the country found itself in an economic stagnancy , with harsh economic sanctions , war like situation with Ukraine and western Europe over few years , volatility of Ruble and most importantly oil price crash - The stance of the government towards bitcoin and other cryptocurrencies has softened - so much so that on June 2 2017 , Deputy chief of Bank of Russia stated in a public forum that 'It's Time to Develop National Cryptocurrencies'. Weeks later came an announcement that Russia is planning to implement a state sponsored Bitcoin mining company to rival China in Bitcoin Mining. Russia has lately come to be known as a Cryptocurrency Heaven.
But yet again in a typical contradictory attitude , yesterday Russia’s deputy finance minister Alexey Moiseev has said it is “hard to argue cryptocurrency is not a pyramid scheme” and indicated a complete Ban on purchase and sale of Cryptocurrencies for Common people. Investement and trading can be handled only by selected qualified personnel. this announcement not only confused several investors but also created chaos in certain communities.
Here is what my analysis says ! Clearly Russian Authorities and government have recognized the oppurtunity and value in Cryptocurrency market. They want to invest heavily in the block chain technology but unlike other countries they want to use there state sponsored mining power on few (if not a single) selective crypto currency. Just like NEO is a state sponsored (or atleast approved if you what i mean) Chinese cryptocurrency , Russia too would come out with its own crypto currency, alternatively they may adopt any particular existing currency and try and focus there energies on it. If government allows selected qualified advisors to invest in crypto currency market , its much more easier to influence there investments. the Russian authority might very well ban most of the currencies and allow investment only in selected currencies , supported by state sponsored mining for them.
What does it mean for the Investors ? I personally believe , if any Government favors any particular cryptocurrency - it will definitely boom. any new currency or existing currency which is adopted by Russians officially will see mass acceptance and massive investment gains for the investors in long run. while banning of direct investments in crypto will hurt the market cap of most major players initially , i think Privacy crypto currencies like Monero , Zcash , Dash and PVX should benefit immensely.
Irrespective of what Russia does , be it a complete ban of cryptocurrencies or be it mass adoption on selective currency , it is safe to say that cryptocurrency have become too important in this modern day world. You can love them - You can hate them , but you can not ignore them !
what do you all think ??
submitted by purast54 to CryptoCurrency [link] [comments]

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