There’s a lot going on in Russia in the cryptocurrency world these days. The latest development to come out of Russia is that one of the candidates running for president wants to legalize bitcoin. It’s an interesting stance from a potential candidate because the state of Russia is currently conflicted in which way it really wants to go when dealing with virtual currencies.
The entrepreneur, businessman, and strong proponent of bitcoin, Boris Titov, has thrown his hat into the ring, announcing his intention to be a candidate for the Russian Presidential elections that will be taking place next year. It seems that he’s entering into the Russian political arena at the right time.
“The Party’s federal political council suggests nominating Boris Titov a presidential candidate,” a representative from the Party of Growth stated. “The Congress will receive a respective recommendation.”
Boris is currently a representative and leader of the Party of Growth. The Party of Growth stands on several key principles, including a liberal free market economy, democracy, and protecting the rights of the middle class. Now, there are those who say that the Party of Growth is a Kremlin sympathizer, but there have been many situations that would prove the contrary idea. The Party of Growth has found itself in several situations where it was not aligned with the current administration for various reasons.
Legalization of Bitcoin
As a staunch libertarian and business individual, it makes sense that Titov is a fan of bitcoin and the crypto world in general. He’s stated that he is in favor of passing legislation to keep worries at bay and make the cryptocurrency legal to use and exchange. This would mean that there would be a stronger market for virtual currencies like Bitcoin and Ethereum. He would be able to have the virtual currencies integrated so that the citizens of Russia would be able to keep these currencies in banks and exchanges, being able to purchase things and pay for them with cryptocurrencies.
The sanctions and devaluation of the ruble have made it more difficult for Russian citizens to be able to purchase goods outside of Russia due to the increased costs. Being able to incorporate cryptocurrencies as part of their day-to-day lives will help to make their lives better as it would provide them with significant purchase power that they are severely lacking right now.
If the virtual currencies are kept in old and traditional institutions like banks, that means that the protections and security of the currencies would have to go all the way up as bank users and the government holds these institutions to much higher standards of security. Yet, it seems that he’s a proponent of using ruble for the purchase of domestic products and services.
This is all a part of what he sees as the future of the world and he believes that it is necessary for Russia to embrace these changes or get left behind.
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“It is necessary to change the Russian economy. There is a need for change in society. We have long and persistently spoken as the “Party of Growth”, that we need a vibrant active economy with the initiative of people, with modern production, the development of agriculture and construction projects. And, of course, we are talking about the digital economy – development of the blockade, crypto-currencies, IT-spheres.”