- It is difficult to ascertain an exact value to the extent to which the crypto space has rooted in the Russian world.
- The head of Growth at Waves claims that around 35 percent of crypto projects worldwide have Russian roots.
The present Scenario
In the unrestricted atmosphere of the crypto world, things seem to be more unlawful and unregulated in Russia. The same can be understood from activities like hacking elections and killing Russian defectors. The US and EU sanctions play an important role in the same.
Anyone familiar with the field of crypto journals for a significant period receives email solicitation from PR people with suspicious western names who are looking for links on behalf of their cryptocurrencies.
Ultimately, on intense research on these people, one can understand that the company has a Russian basis.
It is an irony that most of the people who don’t have Russian names are indeed Russians. It is also to be noted that, the management department of the leading Techno Company Bitfury comprises of many Latvians. Apart from that, cryptocurrency exchange platforms like Changelly has been accused of hiding its Russian Base.
It is difficult to ascertain an exact value to the extent to which the crypto space has rooted in the Russian world. However, it has been estimated by Max Pertsoviskiy, head of Growth at a Swiss-based firm called Waves ( having heavy Russian Blockchains), around 35 percent of crypto projects worldwide have Russian roots.
Apart from that, the estimations provided by, Dimitry Budorin, CEO of Ukrain Cybersecurity Ecosystem Hacken and Anto Vasin, the Co-Founder of blockchain escrow exchange Serenity Financial, emphasizes the fact that a significant proportion of the Russian population participates in Blockchain and Crypto, on a full-time basis.
Impact of Sanctions Imposed
Formal communication with any Russian PR agents on a frequent basis implies the fact that these individuals have something to hide from the outer world.
The sanctions imposed on the country by the International Community since 2012, and more Strongly after Russia’s 2012 annexation of Crimea, becomes an obvious reason for Russian Entrepreneurs to overshadow their origin and activities.
These sanctions seem to have an impact on Russian based crypto companies, though they do not forbid Foreign Companies from associating with these Companies.
As a strategy to avoid these sanctions, rumors of the creation of a “crypto rubble” in Russia spread the fear in general media in early 2018, though nothing has come into force till this date.
Russian financial institutions are running multiple blockchain pilots to facilitate trade and investment. However, it is an inevitable fact that the country can not avoid U.S sanctions even if they introduce Cryptocurrency in the near future.
The Identity Crisis
The above mentioned Russian entrepreneurs usually have a decentralized, globally-oriented company, based in Estonia , and has a development office somewhere in Russia.
The employees working in such Crypto firms don’t use the Russian language or any sign that implies that they are Russians while interacting in projects. Neither do they disclose their origin nor mention anything personal.
These employees are required to change their names to American Alternatives. These employees are frequently required to sound westernized in order to improve their professional quality.
The PR aspect
Russian entrepreneurs, often, do not disclose their Russian roots due to the country’s relatively small market, which would pose as a possible reason for other companies to hesitate to work with them.
Though the current political climate could potentially be harmful to companies having Russian roots, the U.S media can be partially held responsible for spreading unfair and bad PR.
Setting aside the above-mentioned controversies, it is an affirmable fact that Russian Developers are best at math. The Soviet Government’s strong push for math and science education and programs implemented by tech giants, such as Google’s Sergey Brin, Telegram’s Pavel Durov and Badoo’s Andrey Andreev explains the efficiency of the Russian Tech Talents.
It is a general saying that Russian techies are specialized in solving impossible programming issues when compared to techies from other nations.