The digital ruble must participate ...

The digital ruble must participate in the exchange of cryptocurrencies – RAKIB

  • The digital ruble should promote the development of the digital economy, not its deterioration

  • The Russian energy market has great potential in conjunction with mining

  • The position of the domestic regulator leaves much to be desired

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The digital ruble must participate ...

If cryptocurrencies are banned, the industry will go into the shadows, and the state will not receive its taxes

The head of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB) Alexander Brazhnikov believes that the authorities should legalize the cryptocurrency market. He expressed this opinion at the online conference “Transformation of Financial Markets. Effective management of enterprise finances “.

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According to Brazhnikov, over five million Russians use cryptocurrency wallets in the country. Tightening crypto regulation could cost the country “substantial” tax losses.

The digital ruble must participate ...

“We declare that the digital ruble should not just become an analogue of the ordinary ruble, but it would be possible to exchange cryptocurrency for it,” Brazhnikov said..

The head of RACIB stressed that the prohibitive measures will lead to the fact that the crypto market will go “into a gray, shadow economy”.

The ruble can still be saved

Separately, Brazhnikov touched upon the energy sector of Russia. In his opinion, the domestic energy sector has great prospects in connection with the digital economy..

“38 GW of electricity is not consumed in the country, and miners who can use at least half of the resources, and those investors who invest in this, will receive very large profits in the future,” he stressed.

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The association has long called on the authorities to end prohibitive rhetoric towards cryptocurrencies. The editorial staff of BeInCrypto previously wrote that the President of RACIB Yuri Pripachkin considers the slowness of the regulator on the crypto market to be “digital sabotage”.

The digital ruble must participate ...

“Unfortunately, I believe that this [the position of the regulator] is not just sabotage, it is a deliberate policy of the central bank aimed at depriving Russia of its place in the digital economy,” Pripachkin said at the time..

The skeptical attitude of the regulator to the cryptocurrency market has been known for a long time. Last year, for example, the First Deputy Governor of the Bank of Russia Sergey Shvetsov compared the purchase of cryptocurrencies with a “financial pyramid”. The president of RACIB, however, believes that with such a position, the regulator is actually “throwing [the country] out of the race” for digitalization.

Read about why the financial market considers the digital ruble a pointless undertaking – read in a special material from BeInCrypto.

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