Boris Titov, the leader of Russia’s Party of Growth, called for the country to legalize cryptocurrencies like bitcoin and become a leader in blockchain development, according to Tass, a Russian news agency.
Speaking at a press conference, Titov also said Russia can take advantage of its difficult economic situation to embrace blockchain technology as a way to become a very profitable country.
The Path To Progress
The first step is to create a transparent legal system for the cryptocurrency. Titov said the country should create opportunities for foreign investors to invest in bitcoin by removing restrictions on such investments.
The also party proposes the following:
• legalizing mining
• recognizing “cryptocurrency object property rights”
• ensuring recognition of the blockchain timestamp network as evidence in Russian courts
• allowing cryptocurrency for payment of goods, services, and labor
• allowing the use of cryptocurrency on par with fiat currencies for investments
Titov said there are about 2 million Russians using cryptocurrency.
He said blockchain technology is developing quickly worldwide, and Russia is not an exception.
Russia At A Crossroad
Whether or not the country can