Russian Seizures

Russia and Venezuela are hoping for state-sponsored virtual currencies to help them cope with sanctions imposed by the United States through decentralized battleship mechanisms and other similar projects. This marks the New York Times in an overview of the plans of the two countries, some of which have been publicly available in recent months.

The publication notes that "the new kind of money and financial infrastructure beyond the control of any central government, especially the United States," provides an enticing model for Moscow and Caracas. It recalls that central banks in a number of countries, such as the UK and China, are also considering the possibility of using bit-like technology to create their own digital currencies. Such an idea is also being discussed in Israel, and steps have been taken in Lebanon and Dubai.

In Venezuela, President Nicholas Maduro of last year spoke of oil, supported by the oil, gas, gold and diamond resources of the country, and Russian President Vladimir Putin's sources spoke of Battle-based cryptobulb. Putin's regional economic integration advisor, Sergei Glazev, quoted from Russian editions as RIA "Novosti" and "Kommersant" that "the tool is very suitable" for "sensitive" activities and for making payments to business partners throughout the country world regardless of sanctions ".

Experts quoted by the New York Times are skeptical about the possibility that the two currencies will work the way governments in Russia and Venezuela would like, as their leaders will have some control over the currencies while their "non-state" analogs remain decentralized . Bitcain transactions, for example, are recorded with multi-computer-blocked technology and designed to avoid large financial institutions - just as emails allow users to avoid post offices.

Just because of the abolition of the intermediary, central bankers in some countries are skeptical about the idea of ​​their own digital currencies that will make it easier for citizens not to use intermediaries such as banks and credit cards. Representatives of the central bank in Germany, on the contrary, have stated that such a step "can be adapted" to the specific needs and requirements of the country's financial system.

After Maduro announced officially in December that "in order to overcome the financial blockade (the plans for a new cryptoplane) will help move towards a new form of international funding," Caracas set up a body to the government responsible for "petro" and appointed a team to develop. The currency will use the block technology, but its value will come from the provisioning resources, creating a link similar to the "gold standard". In theory, this can also cope with the problems of hyperinflation in the Venezuelan national currency Bolivar. Some experts believe that "open technologies" and decentralization, similar to the battlefield, are a solution to the raging economic crisis in the country.

The relationship between the currency and the oil resources of the government and the potential brake that this may represent for investors is not the only problem, the newspaper said. According to him, there is some irony in the interest of the Venezuelan authorities in the cripples - these have been used by the country's residents for several years, and with increasing interest, but the goal is to escape the grip of the government. For example, it helps the LocalBitcoins platform, whose transactions increased ten times in Venezuela only a year, according to the Chainalysis Data Analysis Company.

According to Randy Britto, Founder of the Battle of Venezuela, in Facebook, there were at least 10-20 arrests in December for activities with a battler, twice as many as in the past year. Part of the problem is that buying foreign currency in Venezuela is illegal. According to Venezuela, in 2004, Brito, who now lives in Spain, everyone in the group realizes that the government is punishing its citizens for the same activity at national level as it is trying to do with the international financial system. Meanwhile, an organization that is involved in crypto-loop transactions in Venezuela reports that in September last year, cryptogonnet deals amounted to 40 billion Bolivar (currently around $ 4 billion)."The diggers in Venezuela are mainly young entrepreneurs, mostly men familiar with the world of technology, middle class or wealthy," the BBC wrote in its Spanish version last year.

And in Russia, President Vladimir Putin has highlighted the dangers of both over-regulation of the digital world and the abuse of digital currencies - including money laundering, tax evasion or terrorist financing. Putin, however, has shown that he allows the use of such technology if he is under state control, writes the New York Times and recalls his meeting in July last year with the creator of the Ethereum criptile network creator, Vitalek Buterin, a Canadian of Russian descent.

But the Russian economy is doing much better than the Venezuelan one, and Moscow would not hurry so much with similar plans as Venezuela. According to Russia's Ministry of Communication, the "crypttorrule" will be built in a way other than a battlefield, and there will be no need for a "digging" technique that allows the launch of battlefields. Minister Nikolay Nikiforov specified in October that there is a government decree to develop "crypttorrule", which he says should be released quickly, because if Russia does not do so within a few months, other countries in the Eurasian economic community will do so.

This currency would facilitate traceability of transactions - an advantage in a country that has a problem not only with sanctions but also with tax evasion. However, Russia is far from putting such a currency, the Financial Times said earlier in January, adding that Moscow's policies in the area were in contrast to those of Belarus. President Alexander Lukashenko has legalized the battleship and the "digging" of cripples at the end of December last year.