- Professor of Moscow State University Elan Veduta believes that cryptocurrency will harm the Russian economy.
- Digital assets will affect the ruble “Russian Native Currency” exchange rate by declining the rate in the stock market.
- Proponents reject this claim and stays adamant to their points that cryptocurrencies are the solution to many economic problems.
Cryptocurrency Pessimistic: Elan Veduta
Professor of Moscow State University Elan Veduta is one of the procrastinators of the crypto industry and believes that it will harm the Russian economy. The main reason he believes that the Crypto market is nuked for Russia as it will affect the ruble “Russian Native Currency” exchange rate by declining the rate in the stock market and weakening interest in hydrocarbons.
According to Elan, Cryptocurrencies do not have any real prospects for the future and sees at a soap bubble that Is bound to burst. The soap bubble reference is like Russian Economic Development Minister Maksim Oreshkin who said that the soap bubble phenomenon impacted the world positively by boosting investment in new technologies.
Cryptocurrency Regulation in Russia
Currently, in Russia, there are no regulations since 2018. In the country, authorities have been trying to develop a bill on digital assets. According to State Duma Deputy Anatoly Aksako parliamentarians statements the assumptions are they still moving in a pace of sloth towards this issue?
The main reason for not showing the hurry is that they fear crypto-companies will leave for other jurisdictions due to the pressure it may put by imposing some supervisory.
Future of Digital Assets
The opinions of Russian Experts are bad news for blockchain and crypto proponents such as Coinbase CEO Brian Armstrong and Morgan Creek Co-Founder Anthony Pompliano. They both reject this claim and stays adamant to their points that cryptocurrencies are the solution to many economic problems.
Soon Crypto influencer visualizes that the digital assets will be pursued by most investors as it is the best way to protect against regulated currencies. The stability of these digital assets will undermine by the capital bank themselves; Fiat money attraction will decrease and the crypto sphere will continue to bloom.