Aksakov expects a complete transition of the economy to the blockchain

Aksakov expects a complete transition of the economy to the blockchain

How the blockchain will radically transform the economy | Bettina Warburg


Aksakov expects a complete transition of the economy to the blockchain

  • Russia is on the verge of transferring all economic processes to the blockchain

  • Domestic implementations of blockchain systems give more questions than answers

  • Selective approach with regulation of cryptoassets will not allow Russia to get the most from the digitalization of the economy

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Digitalization will ultimately transfer all economic processes to the blockchain, says the Chairman of the State Duma Committee on the financial market

Economic processes in the domestic market will soon completely switch to blockchain. Anatoly Aksakov, Chairman of the RF State Duma Committee on the Financial Market, announced this in an interview with Delovoe.TV. According to Aksakov, the digital ruble will become the catalyst that will lead to the complete digitalization of the economy:

“I think that the digital ruble is the future of our money circulation. We are approaching a stage where many economic turnovers will take place on the blockchain. The digital ruble is a certain stage in the development of monetary circulation “.

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Despite the rapid transition of the economy “to digital”, Aksakov is skeptical about the future of cryptocurrencies, since “private currencies have a limited future, if anything.” Chairman of the State Duma Committee on the Financial Market believes that states will not allow these currencies to be used to the detriment of financial systems.

However, the introduction of blockchain does not mean the maximum transparency of all bureaucratic processes and full trust. Earlier, for example, in Ukraine they called the improvement of cadastral accounting using blockchain a “fake”, and the source code of the Russian blockchain voting system raised more questions than answers.

Illegal market

According to Aksakov, the state does not plan to introduce any restrictions in relation to cryptocurrencies in the near future. The only restriction on the turnover of cryptocurrencies, as noted by Aksakov, remains in relation to the use of cryptocurrencies as a means of payment.

“We do not plan to legalize exchange offices, exchanges for the acquisition of [crypto] currencies on the territory of the Russian Federation yet,” he stressed..

Despite the skepticism about cryptocurrencies, Aksakov believes that Russian banks will be able to avoid isolation in the international arena with proper regulation of the digital asset market.

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It is expected that already in the autumn session in the State Duma a bill will be presented, which will spell out the main points of regulation of the turnover of cryptocurrency assets.

Aksakov expects a complete transition of the economy to the blockchain

Dust in your eyes

However, not everyone in the domestic market sees the benefit in the accelerated pace of unipolar digitalization of the economy. According to the president of the Russian Association of Cryptocurrencies and Blockchain (RACIB) Yuri Pripachkin, the habit of regulation “by means of prohibitive measures or criminal liability will not lead to anything.” Thus, the head of RACIB commented on the restrictive initiatives of the Ministry of Finance of the Russian Federation and the Central Bank for the development of the mining industry.

Now Pripachkin sees nothing in the digital ruble but a “meaningless action”, since the digitalization of the domestic economy requires the implementation of the entire ecosystem, including the legalization of converting the digital ruble into cryptocurrencies and interaction with other virtual currencies.

We will remind, earlier the Prime Minister of the Russian Federation Mikhail Mishustin called on the state to keep up with global trends and become a digital platform “in the good sense of the word”.

Aksakov expects a complete transition of the economy to the blockchain

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