GENERICO.ruРоссияDeaf as in a bank

Deaf as in a bank

On January 20, New York City Mayor Eric Adams announced that he would receive his salary in cryptocurrency. His salary, set in dollars, will be converted on the Coinbase crypto exchange and issued to him in bitcoins and ethers. This does not contradict American laws, there is nothing forbidden here. The mayor was elected at the end of last year.

Photo: Moe Zoyari/Bloomberg via Getty Images

On the same day, the Bank of Russia, headed by Elvira Nabiullina, released a report “Cryptocurrencies: Trends, Risks, Measures”, in which it proposed to ban the use of cryptocurrencies in Russia and “introduce liability for violating the ban.” The ban is subject to the use of crypto as a means of payment, the creation of crypto, investments in crypto, the use of the infrastructure of the Russian financial market for the purchase and sale of crypto.

That is, if Eric Adams was a Russian citizen, then he would have to come police. And for a native of Kolomna, Vitalik Buterin, too. He also created Ethereum, also called ether.

Why do Eric Adams and Elvira Nabiullina have such different views on the same subject?

Eric Adams is a former police officer, not a professional economist, but understands the economy, otherwise he would not have been elected mayor of New York. A few words are enough for him to explain his attitude towards cryptocurrencies: “New York is the center of the world, and we want it to be the center of cryptocurrencies and other financial innovations. If we are at the forefront of such innovation, it will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the world.”

To reiterate:

innovation helps create jobs. Improve the economy. Attract talent from all over the world. In the report of the Bank of Russia, on all its 37 pages, you will not find such words.

The word «innovation» never appears there. There is no talk of creating jobs with the help of innovations, about the emergence of new ways of doing business and living. Not a word about the fact that innovations improve the economy. And there is nothing about the fact that the development of modern cryptocurrencies attracts thousands of young and talented programmers around the world. This is the cutting edge of high-tech, a place where extraordinary networks of networks and an extraordinary, decentralized future are being created.

The state needs to think about what place it will take in this future. The state must learn the smart perception of innovation, it must develop along with high-tech and learn from it the freedom and creative power in creating new worlds. But this is some other state. Ours, in which the Bank of Russia — does not want to learn anything and wants to continue to be non-commissioned Prishibeev.

There is nothing in the report of the Bank of Russia about Brian Armstrong, the founder of the Coinbase cryptocurrency exchange, about Chris Larsen, the creator of the Ripple crypt, which is used in international banking operations, about Tyler Winklevoss, the creator of the Gemini platform. All these people, firms, companies, pioneers of cryptocurrencies and creators of innovations, as well as countries where it never occurs to anyone to ban cryptocurrencies, are not of interest to the Bank of Russia. By world experience he understands something quite different. The preamble to the report mentions China, which banned the circulation of cryptocurrencies, India, which is going to do so, and Iran, which banned cryptocurrencies and mining. It is strange that North Korea is not mentioned. What source of economic experience is being lost.

The number of people using cryptocurrencies in Russia cannot be accurately calculated. They talk about 9 percent of the population, which gives millions of people; The Bank of Russia in its report says that “the volume of transactions of Russian citizens with cryptocurrencies, according to some estimates, reaches 5 billion US dollars per year. Russian citizens are active users of online platforms that trade cryptocurrencies.” Ten or more million Russians have cryptocurrency wallets and crypto on them, buy and sell in exchangers and on crypto exchanges, engage in mining and staking, follow innovations in this area — the market has been formed, and only fine tuning is expected from the state, only the creation of new legal norms for the new economy. Instead, Ms. Nabiullina comes out and shows her fist to ten million people.

Ten million Russians, of their own free will, started crypto wallets and believed in crypto. Now they are being told to stop! This is how they treat slaves, not citizens. Therefore, it is not surprising that the general answer of these ten million people will be: «Why don't you go …?»

Cryptocurrencies cannot be banned, just like their market.

In some amazing places on the Earth, you can stomp on high-tech with your feet and threaten the crypt with repressions, but the market is such a thing that it will go into the shadows and still exist.

In the USSR there were currency traders, and some shot. There will be cryptocurrencies in Russia, and what will be done with them? Sold bitcoin — a year in prison? Bought five ethers — get a «five»?

This is exactly what the Bank of Russia assumes when, in its report, it proposes to create a special body to enforce the ban on crypto. Cryptopolice? Cryptosearch? Cryptoterror? You can be the most elegant lady at the head of the Bank of Russia, but it is precisely this grace that will have to be responsible for what the enraged authorities will do to people, for their hands turned behind their backs, for seized and stolen bitcoins during a search, for interrogations in order to obtain a confession, where they bought and to which oppositionist he translated.

Mining is now on a par with other terrible dangers for Russia — Navalny, the opposition, foreign agents, «Memorial» *. An innocuous business that started with mining on video cards has turned into a worldwide business using ASIC computers. Why is mining dangerous? It takes electricity from the country, “endangers the power supply of residential buildings” and industrial enterprises. But does mining increase the price of electricity every year, does mining drive electricity abroad, and does not send it to the domestic market to lower tariffs? After the withdrawal of mining farms from China and disruption of mining in Kazakhstan, Russia could become a place where this business can operate. This requires the right laws and the right taxes. But you need to think about it, you need to talk to people and consult with business, you need to understand in general why you are needed in your place. The Bank of Russia knows why it is needed: to give a justification for the ban on 37 pages and shout out the command “face” to the authorities.

Mining farm. Photo: Andrey Rudakov/Bloomberg via Getty Images Pensions of 15 thousand rubles? Salaries at 25? Grabilovka with food prices? Rise in prices for housing and communal services, regular, like a change of seasons? Exorbitant military spending, millions and billions spent on senseless troop movements from the Far East to the border with Ukraine? No, it's nothing, there's nothing to say about it, because it's the fault — who would you think? — crypto! “The spread of cryptocurrencies poses significant threats to the well-being of Russian citizens.” There are many threats, in particular: large arrays of crypts are concentrated in the hands of a few people, and they are, horror, anonymous. And what about the national wealth of Russia? It is also concentrated in the hands of a few people, they are not anonymous, we know their names. But the Bank of Russia does not see this as a problem.

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