The country is not prioritizing the regulations of cryptocurrency since many of the citizens are no longer interested. The prime minister emphasizes that the general public’s interest has reduced terribly.
This news is a bit disheartening to the crypto community. It is true that Russia may not be crypto Island such as Malta, but it adopted the blockchain tech. We can recall that the country even integrated the technology into its voting system. Well, the adoption of cryptocurrency itself hasn’t been at the highest levels in the country. Also, establishing the regulations that will guide the operations or usage of cryptocurrencies hasn’t been so easy. We even learned that President Vladimir Putin mentioned it to the Russian Government officials to establish the regulations. He even gave them a timeline, which was July 2019.
But from what the Prime Minister is saying, the regulations may no longer come as fast as we hoped. According to him, the government is no longer prioritizing the regulations. We can’t blame them if what the Minister says is the situation. Since the industry has lost its touch in Russia, the quest to regulate their operations is not going to matter yet.
Cryptos has lost the favor of the Russians
The general public has lost its zeal to adopt this new means of transaction. Maybe, trading cryptocurrencies. Is no longer as interesting as it was in the beginning. The results of this new development are that they are no longer calling for regulations since many players have dropped.
We learned that the discussions about the regulations came up in 2018 during a forum in May. According to what the Prime Minister said, he advocated that the officials should set up the regulations. He stated that the regulations could start by covering the basics, such as crypto terms and concepts. It is unfortunate that the zeal is no longer there and the government has removed it from the priority list.
Crypto Operators Should Solidify The Tech More
It is true that the hype around cryptocurrencies is much. However, the industry should do more. Instead of depending on the hype alone, let there be concrete structures to solidify the position of crypto permanently. At least, if individuals can use cryptocurrencies daily, it will go a long way to facilitate a worldwide adoption.
One thing we can say is that this situation in Russia is not the same everywhere. However, what assurances do we have that other countries won’t follow suit? It is true that the blockchain technology is still new and as such, many people are still excited about it. What is the assurance that the exciting and curious feelings won’t fizzle out one day? So, it is not good to depend solely on this public fascination as a criterion to measure the industry’s future.
The best thing is to set up the right channels that will enable people to use cryptocurrencies for payments. At least, if cryptos become indispensable like fiat currencies, the future will be bright even without the excessive hype. Also, many people who buy crypto will do so with assurance.