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Aleksey Muratov predicts switching from paper to electronic money and transition to cryptocurrency in Russia

On February 21, another conference, which was attended by over a hundred activists of Change the World Together, was held in Hotel Signature Grand in New Deli. Yarosite Ganguly was the main speaker at the conference.

The process of project promotion in the Blockchain area was discussed at the conference. Chairman of the Board of the International Public Movement CWT Aleksey Muratov said that representatives of the new Indian cryptocurrency Cache Coin also attended the conference in addition to the main participants. ʺThey expressed a desire to work with Change the World Together. We will conduct a research of this cryptocurrency and give an expert opinion in the near future. However, it is possible that it is another HYIP-project posing as cryptocurrency,ʺ he said.

In addition, Aleksey Muratov stated that the authorities of the Russian Federation had been thinking about the imposition of restrictions on cash purchases. ʺIn particular, the Ministry for Economic Development and the Ministry of Finance made such statement this week and explained it as a way to deal with an invisible economy. This information has also been confirmed by the press secretary of the president of the Russian Federation Dmitry Peskov. It may be prohibited to buy cars, real estates and luxury goods with cash. Cash wages are may be prohibited as well. In the meantime, officials are considering various options and studying international experience,ʺ Chairman of the Board of CWT said.

It should be noted that the Russian Federation's share of cash in circulation is 9% of GDP at the moment. During nine months of 2016, 19 trillion rubles were cashed, but only 8,7 trillion rubles were paid for goods and services with cash. ʺI believe that the pace of the transition to e-payments will depend on Russian realities. But such statements are already pushing citizens of the RF to use cryptocurrency actively,ʺ Aleksey Muratov said.

Also, he recalled that he had already predicted the gradual transition from fiat to electronic money, after which they would be completely replaced by cryptocurrencies. ʺBy that time, truly decentralized cryptocurrencies with a large number of users around the world will appear. People will be able to convert them into each other around the world without bank commissions and amount limits, buying and selling goods and services with it. Today, the blockchain technology allows the creation of not only decentralized currency but also decentralized systems for recording transactions. I am sure that such international registration systems will be used to reaffirm their rights to real and movable property in the future. It's just starting, genie is out of his bottle and he will not go back,ʺ Aleksey Muratov summed up.

Souce: CWT News

  • February 25, 2017 3:36 PM MSK