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Author Topic: As fiat currencies face potential collapse, will cryptocurrencies be outlawed?  (Read 135 times)
rick9327
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May 25, 2020, 06:08:49 AM
 #21

I think that governments on the contrary want to use cryptocurrencies. But they will try to use it to their advantage.
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abhiseshakana
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May 25, 2020, 02:48:14 PM
 #22


As long as the government can't track the transaction, everything will be fine. Because it has been involved in the world of import and export, there are many gaps that can be used to conduct transactions using bitcoin as long as there is a trust factor between exporters and importers. The government is too slow for chasing bitcoin transactions.

Until whenever the government on behalf of the country's sovereignty will never legalize bitcoin as a substitute for the official currency of the country let alone use bitcoin as the only means of payment in a country. In the industrial revolution and the developed world, the most likely choice for the government is the stable centralized coin.

Russia has clear laws governing a legal currency within Russia. In accordance with the Constitution of the Russian Federation Article 75 point 1 states that the monetary unit in Russia is ruble and the introduction and issue of other currencies are not permitted in Russia. Likewise, the law contained in the institutions of the Central Bank of Russia in Chapter VI concerning cash management article 27 is written that the means of payment in Russia is the ruble, the issue of other payment instruments banned in the Russian Federation. Federal law concerning the Central Bank of Russia refers to the Constitution of the Russian Federation.

For Russia with a paternalistic system that refers to the role of the state which is more prominent than the civil element, the ban on bitcoin is definitely something to happen. Russia has a relatively high "power distance" index. Putin has his own democratic model that is adjusted to his understanding that prosperity is more important than freedom and human rights, so democracy and freedom of expression are not the top priority. According to Putin, the authoritarian regime guarantees economic development rather than the instability of a democratic government. So it is not surprising if Russia finally decides to make bitcoin illegal.

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