Post
Topic
Board Bitcoin Discussion
Re: Russia says BTC will never be legalised - do you think we'll see a knock on?
by
marky89
on 25/11/2017, 21:52:30 UTC
"However, Nikiforov added that it is "quite possible" that Russia could consider using blockchain technology, as well as various digital tokens. However, he did not provide any context in which the technology might be utilized."

Do you think we'll see other countries going down this route?

Absolutely. There are rumors circulating that the Russian Federation will create a "Crypto-Ruble" that will essentially be a centralized blockchain backed by fiat money. I imagine they want to capitalize on the Bitcoin/blockchain hype, but push citizens towards regulated/surveilled payment systems. There are also similar rumors in China. The Bank of China has already developed and released an app called "Blockchain e-wallet" in the App Store. Supposedly it will be linkable to BOC debit cards. There is no functionality included for Bitcoin and other cryptocurrencies.

So I definitely think we are entering a new era of state-backed "cryptocurrencies" as governments try to steer their citizens away from decentralized money. As far as legalization, I think the cat is out of the bag. It's too late for major powers to effectively make Bitcoin illegal. That would work out like historic gold bans -- failures.