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Vladimir Putin

Vladimir Putin believes crypto has value; Crypto for oil trade still a far fetched idea

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Crypto is certainly going places. Russian President Vladimir Putin is the latest to recognize crypto. However, the chances of it toppling the US dollar for oil trades were still bleak, the Russian Prez noted.

The dominance of the dollar has remained untethered. The sanctions surrounding the dollar have been driving several countries away from the US. Back in June, Russia went on to bid adieu to USD from its sovereign wealth fund. This further raised questions about what currency the country would opt for next.

During the Russian Energy Week, Vladimir Putin was asked if he saw cryptocurrencies as a potential means of payment for the oil trade. The Russian president pointed out that the crypto industry entailed value. However, he didn’t think that it could be used in the oil trade.

Vladimir Putin talks crypto at Russian Energy Week

Despite witnessing impeccable growth in its value, the crypto market has time and again been called out for not being backed by anything. Taking out a leaf from this book, Vladimir Putin explained in detail why crypto for the oil trade was a far-fetched idea. He explained,

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

Furthermore, he suggested that it was “too early to talk about the trade of energy resources in crypto.” This restored hope for many as Putin didn’t outrightly drop the chances of employing crypto.

The crypto-verse garnered endorsements and support from an array of people from across the globe. The growth of the industry caught the eye of many, while Putin’s latest statement revealed that he considers crypto to have value, he also listed the shortcomings of the industry. One such issue that the crypto-verse faces are the environmental damage that Bitcoin does.

Tesla’s Elon Musk without a second thought dropped support for Bitcoin following his realization about the damage that the mining process does to the environment. Talking about the same, Vladimir Putin proposed that the extensive consumption of energy by crypto could act as an obstruction to its progress.

Russian Opposition Gets Massive Boost From Bitcoin Campaign Donations

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Bitcoin promotes financial freedom and hence campaign contributions using crypto assets are getting more and more mainstream. Amidst the bull season, the crypto-asset is back in a global spotlight. In the latest news, Russian opposition leader and jailed Kremlin critic, Alexei Navalny’s campaign has so far received 658.609 BTC since 2016.

Donations in Bitcoin has helped to make it harder for the country’s intelligence services to track and disrupt its funding against current President Vladimir Putin.

Navalny’s anti-Kremlin movement has accepted donations in the crypto-asset for over four years through its network of regional political headquarters. This year alone, Navalny’s campaign was funded with Bitcoin donations worth $300,000.

With this, donation figures have far exceeded the total amount that was paid in BTC in the year 2020 at the prices at the time.

Back in January this year, Navalny made headlines after he returned to Russia for the first time since being poisoned in Siberia last summer. Following which, he was arrested and slapped with a nearly three-year jail term in a case which he alleges to be” politically-motivated”.

Bitcoin and Russia

Russia has adopted its cryptocurrency law on the 1st of January. As part of the country’s law ‘On Digital Financial Assets,’ [DFA], a decree signed by President Putin on the 10th of December was adopted.

This decree stated how local officials should essentially deal with their cryptocurrency holdings. In short, it obliged two legal initiatives. First which require the country’s public officials to declare their as well as those of their spouse and children’s funds.

Another regulation exists that prohibits certain Russian officials from owning any cryptocurrency, at all. Last December, the the country’s Ministry of Labour and Social Protection published an informational letter reminding some officials that they are obligated to liquidate their digital assets by the 1st of April, regardless of the country of issuance.

Blockchain Voting System to Determine Russia’s Next President

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The citizens of Moscow will be able to decide whether or not Vladimir Putin stays in power for some more 12 years using a blockchain voting system. Only two regions have been confirmed to use the blockchain-powered electronic voting system, Moscow and Nizhny Novgorod.

In March, Russian lawmakers approved adjustments in the constitution that would allow Vladimir Putin to lengthen his presidency for two more six-year terms. However, the public’s constitutional amendment has to be ratified in the next voting slated to take place on July 1.

Blockchain voting system is “almost impossible to hack”

Back in 2019, a blockchain-powered e-voting system was launched in Russia. Just a month before the poll exercise, a French security researcher unearthed a severe weakness on the system, which raised doubts about the technology’s trustworthiness. Experts claimed that the old system could be compromised in less than 20 minutes using openly available software on typical computers.

Nevertheless, the Central Election Commission (CEC) reviewed the use case of the technology for the upcoming elections on a case by case basis. As per the announcement, the blockchain voting system will encrypt and conceal every vote to protect the identity and immutability of data. As a single server does not host the blockchain, making the electronic voting system is “almost impossible to hack.”

“The safety and transparency of electronic voting will be ensured by blockchain technology. Such a network does not have a single server: in order to change the information regarding bulletins, it is necessary to obtain the approval of most network participants, so the chain is almost impossible to hack. The vote itself is anonymized and encrypted.”

Blockchain technology for safety, anonymity, and satisfaction

The blockchain voting system boosts anonymity features that have led most governments to opt for it. Furthermore, the technology has the capability of accommodating multiple users at once. According to the announcement, the voting system will accommodate up to 10 million voters at once.