Russia’s political scene seems set for a fresh look with the announcement that Boris Titov will be in the presidential race come 2018. Boris is no ordinary candidate. Among his raft of proposals to transform Russian’s struggling economy is to legalise Bitcoin and other digital currencies like Ethereum. The businessman even proposes a haven for cryptocurrencies in Crimea, a Swiss version of banking which he will reportedly name kriptodoliny.
Few politicians would pronounce themselves on cryptocurrencies and this an unusually bold move from the Ombudsman and advocate. Boris’ support for cryptocurrencies has never been a secret except he is now a presidential candidate. Whether he is going to get elected is another question altogether.
Much as he has expressed his strong support, Boris’ it seems will not let ruble go down the drain just yet. The fiat currency which has been diving western sanctions will continue to be used for payments within Russia with cryptocurrencies reserved for transactions outside the country. Taking a deeper look, he only seems too aware of Russia’s weakened economic position especially the worsening import/export balance which can be salvaged to a great extent were cryptocurrencies, which are mostly untraceable to be used.
According to Boris, agriculture, construction and the development of a digital economy should receive focus. Amid the crippling sanctions against Russia and the changing global economy, oil prices have been tumbling with inflation growing by the day. If Russia does not embrace cryptocurrencies then “we will be living in an economic cemetery,” he says.
Recently, it has been reported that Russian government is planning to develop its own cryptocurrency to be named CryptoRuble, but Boris doesn’t seem too keen on the idea. According to him, the existing ones are just perfect for the job, and there is no need to reinvent the wheel. After all the “the task of cryptocurrency is to reduce costs,” he says.
What’s more, Russian equipment is much more “superior”, and cryptocurrency mining will be much more efficient. His party of Growth is known for its support for democracy and free market economy.