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One Of Russia’s Leading Presidential Candidates Wants To Legalize Bitcoin

by on December 7, 2017
 

In 2018, Russia will hold a democratic election and the winning party will have its leader take up the Presidency. Right now of course, Vladimir Putin is in the position and it’s a position he has held for coming on 15 years (spread across two terms). Expectations are that he should have no real problems taking up the position once again but, if the last couple of years of politics have taught us anything, it’s very much to expect the unexpected.

If we do get something unexpected, one of the most prominent figures from the handful standing against Putin in the 2018 elections is Presidential Commissioner for Entrepreneurs’ Rights and business ombudsman Boris Titov.

And this week we just got word that Boris Titov is incredibly pro-bitcoin.

According to his political mandate, and if Titov is able to beat out Putin come election day, he intends to legalize bitcoin and all other cryptocurrencies in Russia as a primary standpoint.

Here’s what he told prominent news outlet, Mail.ru:

“We will legalize bitcoin and other cryptocurrencies in Russia. Popular cryptocurrencies, including bitcoin and ethereum, will be legalized. People will have the opportunity to store them in banks and crypto exchanges and use as a means of payment, however, only for external transactions.”

And it’s not just value storage, either. According to reports, Titov is working on a national rollout of cryptocurrency adoption so as to allow people to pay for things like sandwiches and cups of coffee in bitcoin.

“…in the domestic Russian market, say, for a sandwich, you cannot pay with cryptocurrency… it is necessary to change the Russian economy. There is a need for change in society, we are talking about the digital economy – development of the blockchain, cryptocurrencies, and IT-sphere.”

Russia has long been a leading force in this sector but, to date, policy specifics have been hard to come by. If Titov takes the top spot next year, it looks like things will become a lot clearer a lot faster.

Image courtesy of Flickr

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