Russia Willing to Lose Edge on Crypto For More Regulations
While the world is busy battling the COVID-19 pandemic, Russia’s cryptocurrency industry is also fighting hard against a set of bills their own government wants to enforce because they would most definitely make everything concerning crypto trading more difficult to operate in the Eurasian continent.
Earlier this month, the lawmakers who proposed these bills in Russia ultimately wish to regulate, control and basically keep a leash on digital assets and cryptocurrency enthusiasts in general. This type of law was created to effectively and efficiently ban any and all transaction by means crypto within the country’s borders, legal and illegal alike. As such, it is no surprise that the whole of the country’s cryptocurrency community rose up and immediately protested.
It is unsure if protests from civilians will or even can stop the bill from being passed into a full-fledged law but if the proposed regulation actually does pass in the near future, the Russian economy as a whole can potentially lose up to $10 billion in annual taxes for whichever year it becomes law. Not only that but Russia’s will also lose its edge on the current crypto wave taking over the world thus far, effectively cutting them off of the global technology infrastructure thereby forcing all its citizen’s tech talent to work abroad instead. Russia will have just shot itself in the foot to throw away the opportunity to maintain technological leadership in hopes of a safer and better country. One can’t possibly miss thinking that this may have been very well caused by their country’s massively growing darknet funded by none other than crypto.
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