Russia Fears that Digital Coins could destroy their Financial system

Russia Fears that Digital Coins could destroy their Financial system

Anatoly Aksakov, head of State Duma for the financial market, said that recognizing digital coins as an official means of payment would destroy the financial system of the Russia.

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14 Aug 2020 , 11:19 @ Katie Müller

Russia Fears that Digital Coins could destroy their Financial system

Anatoly Aksakov, head of State Duma for the financial market, said that recognizing digital coins as an official means of payment would destroy the financial system of the Russia.

In an interview with Russian RT, Aksakov did not avoid questions about the recently signed law on digital financial assets, which ban the use of cryptocurrencies to purchase goods or services.

The first question concerns how the new document can affect the Russian cryptocurrency market?

The law laid down clear rules of the game in this area of ​​the economy. It allows players to work more actively with the new tool and expands their opportunities to advance into international markets. Thanks to it, the company can now attract investments from foreign partners, as well as sell its products on a blockchain. At the same time, blockchain technology, thanks to its technical properties, makes it possible to circumvent the restrictions on sanctions, which contribute to the development of trade ties.

Aksakov also got a question if there was a possibility that cryptocurrencies would be recognized as a means of payment in the near future?

Cryptocurrency is a digital code that can be used as a method of payment for goods in world practice, but not in Russia.

The recognition of digital coins as an official means of payment comparable to the ruble means the destruction of the financial system which that ensures the stable functioning of the whole economy.

Therefore, our plans do not yet include the legalization of cryptocurrencies as a payment alternative to the ruble.

However, Russia’s position on the digitization of the country does not change and it is currently working on the electronization of documents, archives and work books. The main goal of the digital database is to enable institutions such as banks to destroy the amount of paper documents that take up a lot of space, thus reduce the cost of renting.

Read also: Vladimir Putin has signed a law banning the use of cryptocurrencies to purchase goods or services

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