Russia’s Electronic Money Association (EMA) represents the largest payment businesses in Russia. One of his duties as President is to study and increase public awareness of payment technologies. Dr. Dostov doesn’t see Bitcoin as competing against the EMA, but rather sees them as complimentary goods. While we have heard the Central Bank’s stance on cryptocurrency, the authorities in Russia have yet to acknowledge the benefits of the blockchain technology. This could be in part because the technology is often promoted as an anti-state by the Bitcoin community – a concern I’ve voiced before. In the interview with CoinTelegraph, Dr. Victor Dostov explained:
[I]t is sometimes very difficult to promote the technology when some in the Bitcoin community position it as overtly anti-state.
Still, Dr. Dostov is confident that the technology is here to stay and that we will see further integration and projects. However, he remains skeptical about its integration with national monetary systems, and not just in Russia. He names two reason for this.
When asked about the current fines proposed by Russian authorities, Dr. Dostov again points to the lack of understanding from the authorities on how the technology works. He does not believe that the fine and ban is a good way to handle the risks posed by cryptocurrency
We are concerned about the proposed legislation. I do not think that fines and a ban is a way to handle the risks that cryptocurrencies pose, just as any other technology.
What do you think about Russia’s Bitcoin Ban? Comment below!
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Last modified (UTC): October 23, 2014 21:27