Boris Titov Wants to Legalize Bitcoin

The leader of Russia’s Party Growth, bitcoin advocate Boris Titov revealed that he wants to legalize Bitcoin, he would legalize popular cryptocurrencies including Bitcoin and ethereum so that the people will be able to store them in banks and exchanges as well as they will get the opportunity to pay for things outside of Russia with them. He told that the people in Russia wouldn’t be able to pay for things with cryptocurrencies as long as the ruble is used.

Boris Titov also cited that the country’s economy and society have to change. According to him, a vibrant economy is needed for the country which should focus on modern production and the development of agriculture and construction projects. Boris also mentioned about his views on “development of the digital economy”, it also involves the development of the blockchain, cryptocurrencies, IT – spheres”.

Titov wants a developed economy because we all are soon living in an economic cemetery as the rate of oil drops and inflation grows. He has a vision about the world in future. He is looking for a world where cryptocurrencies play an important role.

Titov also stated that the country had a plan about creating its national cryptocurrency, presumably referring to the CryptoRuble, then the idea was stopped when realised that the “task of cryptocurrency is to reduce costs. Finally, the country decided it was not important to set those that already exist.

Then he mentioned about the cryptocurrency mining, that the equipment in Russia could have higher efficiency than in America, meaning the country has an edge in the industry.

Titov’s Cryptocurrency Support

As per the reports by CCN, Boris Titov recommended the creation of a region in Crimea similar to the “kriptodoliny” (Cryptovalley) in Zug, Switzerland. The region will aim to fund cryptocurrency and blockchain organisations.

In the past, Titov called for Russia to legalise cryptocurrencies including Bitcoin, and he wanted to see what it could make in blockchain development. He has also mentioned that it is possible Russia to use its difficult economic situation to embrace blockchain technology. By removing restrictions on these investments, the country will be able to create bitcoin investments opportunities for foreign investors.

According to Wikipedia, Titov’s Party of Growth encourages a free market economy, democracy, and protecting the rights of the middle class.

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