Are Russia and Friends Standing in Line for Cryptocurrencies or Against Them?
The relationship of Russians and countries such as Belarus with cryptocurrencies is full of ups and downs. Banning and accepting new digital technologies by these countries have had ups and downs as well. However, it seems that governments can’t resist many capacities of cryptocurrencies and sooner or later will join those who show favor to these new technologies. For example, the president of Belarus stated in his new remarks that due to high demand for cryptocurrencies, there have been new planning carried out regarding their mining and developing.
What Plans Do Belarus and Russia Have for Mining Cryptocurrencies?
The president of Belarus has announced that they intend to build a power plant based on nuclear energy so that the mining of cryptocurrencies would no longer have the previous problems and costs would decrease in this field. In fact, Belarus intends to build huge mining centers in order to develop cryptocurrencies. Politicians and officials of Russia have stated their interest in cryptocurrencies on numerous occasions. One of the most important factors involved in this interest is the meeting between Vladimir Putin and Vitalik Buterin, Ethereum creator, back in 2017.
Reportedly, Putin is really enthusiastic about the capacities of cryptocurrencies in circumventing U.S. sanctions and is looking to find out more info in the field of capacities and opportunities of this new technology.
What Are the Steps of Russia in Developing Cryptocurrencies in Collaboration with the Other States?
As it was mentioned earlier, countries like China, Russia, and Belarus though they have threatened those who are active in the crypto field and have talked about banning Bitcoin mining, are still leaning toward developing this new world and in order to sustain their presence in it, they have plans and programs in place. For example, it is said that the two countries of China and Russia are looking to establish relationships and organizing collaborations in the field of developing a Stablecoin and have allocated a large amount of gold in order to further this project.
What Is the Aim of Russia and China of Developing Stablecoins?
One of the main reasons for these countries’ attempt to develop stablecoins is their inability in selling assets like gold due to sanctions imposed by the U.S. For example, the problem that international sanctions have created in selling gold for Venezuela, forbid this country from selling this asset. Russia, China, and Belarus are looking to find a way to do trades in a freer way to bring out assets such as precious metals from the shadow of U.S. sanctions. About $1.2 billion of Venezuela’s gold is blocked in England bank due to U.S. sanctions. Venezuela has no way to access this valuable asset.
Russian authorities believe that one of the most important measures that needs to be taken regarding cryptocurrencies is an effective advertisement that encourages foreign investors to engage in this field. Foreign investors through more precise awareness of cryptocurrencies will find out that cryptocurrencies are not under the shadow of international sanctions and therefore will enter this field with ease of mind.