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This Russian Presidential Candidate Wants to Legalize Bitcoin

Last Updated March 4, 2021 5:02 PM
Francisco Memoria
Last Updated March 4, 2021 5:02 PM

Boris Titov, a Russian businessman/ombudsman and bitcoin advocate, recently revealed he will participate in the presidential elections in 2018.

Titov, the leader of Russia’s Party of Growth, revealed  that he would legalize popular cryptocurrencies such as bitcoin and ethereum and that people would be able to store them in banks and exchanges, having the ability to pay for things outside of Russia with them. In Russia, Titov stated, people won’t be able to pay for things with cryptocurrencies as long as the ruble is used.

The presidential candidate added that the country’s economy and society need to change, as his Party of Growth has in the past defended. According to him, the country needs a vibrant economy with initiative, that focuses on modern production and the development of agriculture and construction projects. His views include the “development of the digital economy”, including the “development of the blockchain, cryptocurrencies, IT-spheres.”

The economy, Titov continued, needs to be developed because the we will soon be living in an “economic cemetery” as the price of oil drops and inflation grows. He sees the world becoming a different place in the future, where cryptocurrencies play an important role.

Titov also mentioned that the country thought about creating its own national cryptocurrency, presumably referring to the CryptoRuble, but added that the idea was dismissed when it was considered that “the task of cryptocurrency is to reduce costs.” As such, the country decided it wasn’t necessary to create the cryptocurrency, as it was important to regulate those that already exist.

Regarding cryptocurrency mining, the presidential candidate stated that the equipment in Russia can have higher efficiency than in America, meaning the country has an edge in the industry. As for ICOs, Titov seemingly believes regulating them is the best option. He stated (rough translation):

“We have a system of legislation that can protect investors. Plus we have an ICO-generator.”´

The presidential candidate also revealed he has no plans of closing Telegram, as the “information vacuum” that currently exists needs to disappear.

Titov’s Cryptocurrency Support

Earlier this year, as reported by CCN.com, Boris Titov proposed the creation of a region in Crimea similar to the “kriptodoliny” (Cryptovalley) in Zug, Switzerland. The region’s goal would be to fund cryptocurrency and blockchain organizations

Titov has in the past called for Russia to legalize cryptocurrencies such as bitcoin, and to do what it can to become a world leader in blockchain development. He’s also stated Russia can use its difficult economic situation to embrace blockchain technology and use it as a solution. According to him, the country could create bitcoin investment opportunities for foreign investors, by removing restrictions on these investments.

Titov’s Party of Growth, according to Wikipedia, supports a free market economy, democracy, and protecting the rights of the middle class. It’s widely seen as a pro-Kremlin party, but opposes the current presidential administration on several issues.

Featured image from Kremlin.