Vladimir Putin wants new cryptocurrency 'to evade international sanctions'
Officials indicated that Putin had already ordered work on a new form of cryptocurrency, a decentralised system based on the blockchain. Previous local news reports indicate that the leader's decision was made as long ago as October 2017.
What do you think about this? Could you rely on this new crypocurrency?
I think this is the next logical step in the global currency war. The crypto Yuan will be next, then some smaller nations to follow.
Even a centralized currency has censorship-resistant properties, so the crypto Ruble is just a censorship-resistant Ruble. Tracking is not a new problem or a downside relative to the Ruble, that's a standard feature of fiat currencies.
inb4 IMF destabilization due to crypto fiat currencies
Well if you don't mind Russia tracking your spend/purchases, you could rely on it. Russia will absolutely be able to track transactions if they build it, even though they will insist they won't.
If all transactions are public like Bitcoin (and others) you can build a database of transactions and the wallet they go to. If you identify the wallet owner, that theory goes out the door about being untraceable. The US and China have been particularly good about tracking those transactions. My bet is Russia would add a twist that would take a year or so before tracking transactions could occur from the US and other countries.
America’s least populous state has quickly become the most friendly one to blockchains.
Although crypto-tokens challenge the frameworks of existing US financial laws and regulations, federal policymakers have shown no sign that creating new crypto-specific laws or regulations is on the near-term agenda. In the meantime, several state legislatures have begun trying their hand in an attempt to draw blockchain businesses. But no other state has been nearly as aggressive as Wyoming. It just passed three more crypto-specific bills, adding to the landmark pieces of legislation it passed in 2018.
Caitlin Long, a Wyoming native and former Wall Street executive turned prominent blockchain technology evangelist, has spearheaded this effort behind the scenes. According to Breaker, Long’s Wyoming mission began in 2017, when she realized to her dismay that a state law made it illegal for her to make a donation to her alma mater, the University of Wyoming, in Bitcoin. One of the first bills Long and her team of advocates shepherded through the legislature last year exempted cryptocurrencies from that law. Another one, touching on a hot button issue at the federal level, created a category of digital asset, called “utility tokens” that are exempt from the state’s financial securities laws, which govern investments like stocks and bonds.
One of the bills Wyoming just passed makes it easier for cryptocurrency startups to get bank accounts. Another makes it legal to turn stocks and bonds into digital tokens. And the third designates digital assets as property. It’s all meant to attract innovative businesses, and perhaps even turn Wyoming into another “Crypto Valley” (there’s already one in Switzerland). “There’s going to be an influx” of financial services companies into Wyoming, Long tells CoinDesk. Many of them might have to find it on the map first, though.
16 months ago
The way Cryptocurrencies are behaving, nothing can happen in near future. Crypto is a global currency, noone can or should try to control this. Such efforts create volatility which is not good for anyone.
However, if Russia create some global blockchain network, then its a different game.