Russians need fundamental analysis of cryptocurrency projects to fundamentally change their attitude toward the technology and the innovations it carries. This was said by Vladislav Martynov, head of the Ethereum Foundation Competence Center, at the RBK conference.
According to him, today most residents of the Russian Federation are familiar with the concept of cryptocurrency, but most often hear about them in a negative context, that they are “a pyramid, fraud and an unclear, murky scheme”.
“People still do not understand that it is impossible to build a digital economy and pursue any strategy for digitalisation without blockchain, cryptocurrencies, decentralised finance and tokenisation,” Martynov said.
He explains this by noting that the media typically focus on short-term news cycles or technical analysis over a horizon of a couple of weeks.
“One should focus on more fundamental analysis: what product idea lies behind a particular project. Web 3.0 is taking shape now, and new Amazon and Google are emerging. It is interesting to view the market through the prism of how the business models of most industries will change due to the adoption of blockchain and cryptocurrencies,” the expert noted.
The regulator, for its part, should provide citizens with transparent regulation with a clear, unambiguous interpretation. At the same time, it would be prudent to take into account positive international experience in this regard.
“In the Bank of Russia’s report there are numerous inaccuracies, factual and logical inconsistencies. For example, it says that crypto exchanges are bad, although today centralized platforms are essentially no different from stock exchanges,” Martynov explained.
He also urged authorities not to miss the ‘golden mine’ that mining could become for Russia, especially given the country’s unused energy capacity.
Last week the Bank of Russia floated for discussion the full ban on mining and circulation of cryptocurrencies in the country. Later in the State Duma, calls were made to move to strict control of this market. In turn, deputy Anatoly Aksakov stated that legalising mining could bring clear advantages to the Russian economy.
Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, rates and analysis.