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Regardless of who and what goals this ban pursues, it will not work to cut off Russians from the cryptocurrency market. Such an opinion in a conversation with The Insider was expressed by lawyer and specialist in the field of e-commerce Mikhail Uspensky.
On the one hand, the desire to limit investments in cryptocurrencies is understandable. In Russia, there are a huge number of financial pyramids and fraudulent schemes, because of which there is a fear for the average Siberian grandmother, who invests “funeral” money in a “crypto scam”. But, on the other hand, the ban on investing in the blockchain industry, even for qualified investors, seems completely excessive and harsh. All attempts to block cryptocurrencies will lead to exactly the opposite effect: the “white” segment, for example, the largest foreign platforms with licenses, will leave the Russian Federation, while demand in the shadow market will only grow. Indiscriminately banning cryptocurrency transactions can cut off our young talented programmers from the global blockchain industry. It will be a tragedy. Now it seems that blockchain technology is a toy, but in fact, we are already on the threshold of a new technological era.
For large players in the cryptocurrency market, after the ban is introduced, little will change, and small ones did not use cryptocurrency or will be able to buy it through banks, Oleg Ivanov, co-founder of the Berezka DAO fund, explained to The Insider.
This decision of the Central Bank is now being discussed by many, but globally nothing new has been said. The blow will be dealt to businesses that are somehow connected with the transfer of “crypto” into “ordinary” money and vice versa. First of all, these are exchangers and crypto-exchanges (the most famous are Binance and Exmo, and all the rest, in my opinion, have long since left the Russian market). Thus, the exchange of cryptocurrencies on Russian sites will most likely be prohibited. But at the same time, a ban on the purchase of crypto assets abroad is not introduced.
If we talk about the mass consumer market, then for its users who have not previously come into contact with cryptocurrency, it will become even more difficult to buy it. Most likely, retail customers will go under the heading of banks, where they will have the opportunity to buy either the cryptocurrency itself or the accounts on which it is placed.
Large clients already own cryptocurrency and know how to get it out of control in the Russian legal field. For a few hundred dollars, you can establish a company remotely in the US or in Hong Kong, which will allow you to conduct cryptocurrency transactions around the world on its behalf, completely legally. If we talk about current cryptocurrency holders and those who create valuable products on this market that are used all over the world, then these people left Russia a long time ago or at least conduct business operations abroad, because they do not see perspectives.
Colleague of Alexei Navalny and IT specialist Leonid Volkov sure, that there will be no ban on the circulation of cryptocurrency at all, even if representatives of the FSB spoke for its introduction, who allegedly are trying to block the financing of opposition structures.
Russians buy much more “crypto” in order to buy drugs for it, and not in order to donate it to the FBK. This whole market is under the cops, under Putin’s friends from the mafia. Well, that is, now the FSB officers who are responsible for political investigation ran into Nabiullina, and tomorrow other FSB officers who earn money on drugs will come running to complain to Putin, and he will win back everything.
Yes, transaction costs will rise. Well, that’s all, I guess. Globally, what Nabiullina is trying to pull off is Luddism, the struggle against technology and technical progress. Luddism is doomed.
In a conversation with The Insider, Volkov added that “the percentage of crypto transfers we have fluctuates and is not very stable, but has never exceeded 15%.”
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