While most of the world watches in horror as Vladimir Putin advances his military invasion of Ukraine, Russia’s congruent foray into Bitcoin, gold-linked rubles and central bank digital currencies is triggering a conflicted response from financial technology and crypto enthusiasts. On one hand, the moves by Russia vindicate and legitimize alternative-money visions for the world. On the other, they empower the ambitions of a rogue leader who has been condemned by the international community. All indications are that Russia is more focused on reviving failed economic systems of the past rather than moving ahead with anything truly pioneering. Consider the country’s eagerness to fragment its money system in a bid to achieve financial autarky as evidence. Russia has responded to international sanctions in recent weeks by demanding “hostile states” pay for natural gas in rubles, whereas it’s been proposed that “friendly” countries can make payments for the same resources in digital currencies such as Bitcoin. At home, a population largely cut off from international payment systems such as Apple Pay, Visa and Mastercard will now be directed to the Russian central bank-managed MIR system — a likely precursor to a formal central bank digital currency.
Full story : Russia’s Push Into Crypto Is a Big Step Backwards.
