Russia and Cryptocurrency

It’s like a new cool kid at school — a new cool word that is heard everywhere. This civil servant has said this, another one said something else, and they are all saying the nicest things, yay! So Russia must be the next great country in cryptocurrency. Yay.

Maybe I’m a skeptic (which I sometimes am) but I don’t really think it’s going to work out. What we have is a bunch of blocking institutions and their scared “stability”-preserving officials who start to shake the moment someone utters a sentence with change in it. There might be some industries that are fast and agile enough to adapt but there aren’t that many.

And then we have a reason why everyone’s so excited about it — getting around sanctions. If there will exist a Russian cryptocurrency, what place will it have on the international market? What stops other countries on imposing sanctions against exchanges and e-wallets? Or is it going to operate in a different way — then how?

And then we have conservatism of the people. If it is to be used en masse, how should it be introduced? There is an obvious herd-like trust in central authority but then not many people trust banks to store their savings now. The Internet might be an even harder sell.

But then, it’s kind of easy to get people to follow and to think the way the government wants them to think. If the government would really want people to use cryptocurrency instead of regular money, the government will find a way to convince people of that. Or maybe it’s that actions will turn out to be more difficult than words?