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Vladimir Putin To Fight Sanctions With Cryptocurrrency And Blockchain

Russian President Vladimir Putin.The Russian Presidential Press and Information Office/Wikimedia

Russia has not exactly been the friendliest market for the cryptocurrency industry, with the government limiting the influence of Bitcoin and other digital coins in the region. However, according to recent reports, the country might be acting hostile to other cryptocurrencies because it’s planning on developing its own. What’s more, it’s apparently intended to circumvent sanctions.

According to sources, Russian President Vladimir Putin himself has already commissioned the creation of a cryptocurrency that will be handled by the government, Financial Times reports. This is in accordance with the trend of several Russian institutions embracing Blockchain.

One of Putin’s economic advisers, Sergei Glazev himself told a gathering of Russian officials that something like a “cryptorouble” would be immensely useful in circumventing the sanctions that are placed on the country by the U.S. and the EU. Considering the rejection of authority by Blockchain, this would be more than possible.

“This instrument suits us very well for sensitive activity on behalf of the state. We can settle accounts with our counterparties all over the world with no regard for sanctions,” Glazev said.

Glazev also noted that the crypto would be the same as the rouble but unlike Bitcoin and other digital currencies, circulation would be restricted. If so, this would be yet another example of Russia taking an anti-government regulation concept and bastardizing it to serve its own national interests.

This news already has experts feeling anxious, Futurism reports. The concept of “cryptorouble” would have a significant impact on geopolitical conflicts and international law enforcement. After all, sanctions are one of the most useful tools at the disposal of the UN and countries like the U.S. to put pressure on renegade states.

By removing this threat from the table, it would force countries to adopt different or more drastic tactics keep violent nations in line. “Cryptorouble” would either make the UN powerless or make armed conflict inevitable.

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