Categories: CryptoFinanceNews

Russian Financial Monitoring Agency Taps Bitcoin As Downfall of Local Economy

The story of Bitcoin in Russia has taken yet another turn. Things have been evolving at an accelerated pace as of late, albeit every positive decision is followed by a dubious one shortly after. RosFinMonitoring, the Russian financial monitoring agency, is fearful of how Bitcoin and cryptocurrency will make the local economy collapse in the coming years.

Russia‘s Economy May Collapse Regardless of Bitcoin

It has to be said, ay country’s economy could collapse at any given moment. That may or may not have anything to do with cryptocurrency or Bitcoin, though. A lot of countries are struggling to stay afloat, and their lingering indecision on a course of action is only making things worse.

Russian officials seem to be looking for a scapegoat before the collapse happens, which is rather worrisome.

The evidence presented by RosFinMonitoring regarding these claims seems dubious, at best. While it is true cryptocurrency challenge the traditional financial system in many ways, Bitcoin and others will not replace it anytime soon. In fact, until a few weeks ago, using Bitcoin in Russia could have been punishable by jail time.



On the other hand, there is a surging interest in cryptocurrency as far as Russia is concerned.

Related Post
LocalBitcoins trading volumes are showing significant volume spikes every week, indicating more and more people are obtaining cryptocurrency in the country. But for now, its impact on the ‘mainstream lifestyle” is minimal to nonexistent.

RosFinMonitoring Deputy Director Mr. Livadny states:

“One may look at it as a challenge to national sovereignty, when there’s an injection of currency equivalents into the economy, equivalents which volume isn’t regulated and which value isn’t backed by anything.”

This seems to be a rehash of the warnings banks have issued ever since the inception of Bitcoin in 2009. Traditional currencies, such as the Ruble, are not backed by anything either, yet they can be controlled by the government. Cryptocurrency , on the other hand, cannot. But that does not warrant issuing a warning of how Bitcoin will make the Russian economy collapse. If that would ever happen, it will be due to the banks and government themselves.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

2 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

2 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

3 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

3 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

7 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

8 hours ago