Support Russia Insider - Go Ad-Free!

Top Russian Economist Glazyev: Cryptos Can Help Us Beat Sanctions

"Putin's advisor said that he supports creating a national, government, cryptocurrency."

Russian economist and adviser Sergei Glazyev suggests that President Putin use cryptocurrencies to circumvent Western economic sanctions. With their blockade policy, the US and its partners had ensured that you have to come up with something new. Glazyev is also in favor of issuing his own crypto rubles.

As reported by the Rambler News Service (RNS) on Tuesday, a meeting of the Russian Presidential Administration focused on cryptocurrencies and what legal regulations should govern them. Glazyev described cryptocurrencies as "an objective need" to counter restrictions imposed on the Russian Federation. In his view, there is an "objective need" for this "instrument."

Russian banks are known to be subject to external sanctions and under certain circumstances cannot settle. According to Glazyev, cryptocurrencies are even suitable for paying "sensitive state activities." What this means in concrete terms was unfortunately not carried out by the RNS. Glazyev emphasized that only the ruble could be used by the government because of the sanctions.

Putin's advisor also said that he supports the idea of creating a national, and therefore government, cryptocurrency. However, the exact name for the digital ruble or cryptor is not yet known, according to Glasyev. In his view, the new digital currency is to be issued by Blockchain technology from the Russian Central Bank, just like the ordinary ruble. In addition to cash and property, there should thus be a national digital currency in the future.

Support Russia Insider - Go Ad-Free!

Background: The nearly 57-year-old Sergei Yuriyevich Glazyev is a habilitated economist and politician, who worked in the early 1990s in the Russian government. He is also considered one of President Putin's key advisers in the Ukraine crisis in 2014.

Julian Assange uses news for criticism of the US

Wikileaks spokesman Julian Assange uses this burgeoning theme for his own purposes. A few years ago, Bitcoin was introduced to the disclosure platform as a new donation option after the US government wanted to turn it off following the first big releases. At that time, several US companies such as PayPal or Mastercard unilaterally terminated their contracts because they did not want to promote "illegal activities." At the same time, the accounts at Swiss Post Finance and VISA were also blocked in 2010. Hours later, the Wau-Holland Foundation was threatened with a review by auditors, as their account was suddenly one of the last donation opportunities. All coincidence? Hardly likely.

Source: Steemit

Support Russia Insider - Go Ad-Free!
MORE: Business

Our commenting rules: You can say pretty much anything except the F word. If you are abusive, obscene, or a paid troll, we will ban you. Full statement from the Editor, Charles Bausman.