Russia is one country that has a mixed relationship with cryptocurrency, the country and its citizens certainly have an appreciation for the digital assets, but their regulations are harshly aimed at it. This has seen Russia implement a number of bans while also working towards its own currency.
However, this could all be changing, and this change could help put Russia on the map as a superpower of the digital economy. New Primeminister Mikhail Mishustin, known to be a crypto enthusiast, has called on the country to prioritize the development of the digital economy.
Russia would not be the first country to build and implement its own cryptocurrency should Mishustin be successful in his goals, but it would be a big step for the country, as well as the cryptocurrency space.
A new economic era
Mishustin the former head of Russian tax services said on his appointment to the top office job that he would transform the modern blockchain-powered state for the benefit of Russians. He added that Russia should implement modern information technologies and also, develop a national digital economy program.
Of course, as politicians go, this could all be rhetoric, but for the powerful nation that also finds itself behind the USA in terms of global power, becoming a blockchain and digital currency superpower may be a way to shift the tides, similar to what is happening with China.
More so, with his background in tax, Mishustin is putting a lot of effort into policing tax evaders in the country – and with cryptocurrency there comes a double-edged sword. There are lots of cases of people avoiding taxes with cryptocurrency, but a blockchain system that is implemented by Russia could give them a lot of transparency.
A new Super Power
Russia has lost its world Super Power status, but not happily. It is a country, like China, that feels a lot more of the global market should be influenced by it – rather than just the USA. The US meanwhile is comfortable in its position, but that is changing, thanks to blockchain.
China is known to be working towards becoming a new technological superpower with cryptocurrency at its heart and blockchain as its base, and there is every chance that Russia could emulate this with a new big appointment in the Kremlin.