Translation of the article Vladislav Ginko, economist, Professor at the Institute of Economics of natural monopolies of the Russian Academy of national economy and state service under the RF President.
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The basis of his policies, the President of Russia Vladimir Putin laid a strategy to transform Russia into a world superpower digital. Present key facts.
Russia intends to launch a unique cryptocurrency”sandbox” (experimental site), which will allow residents of certain regions, including the Moscow region, to make payments in cryptocurrency.
Moscow and Tokyo are actively discussing an important deal, which will give the Russian side the potential of Japanese industry. We are talking about full cooperation, in the sphere of high technologies. Moscow will have access to modern equipment, which will allow to develop the country’s Internet of things. This transaction will be another countermeasure to sanctions from the United States, which affect a number of key Russian industries, and many companies and individuals. In addition, the deal to sell weapons to NATO member Turkey (worth many billions) suggests that Ankara leaves the zone of influence of the United States.
Moscow is seeking ways to liberate financial transactions from the sanctions pressure. Moscow and Beijing are conducting secret negotiations, trying to find means of circumventing the sanctions and restrictions from the American side. One of the trump cards in this game – a digital currency. The people’s Bank of China intends to launch its own digital currency not later than 2020. It will get rid of the need for American dollar as a means of payment. All mutual transactions Russia and China can carry out the project of the Chinese stablon.
Russia’s attempts to avoid sanctions through the new technologies, especially cryptocurrency can force the President of the United States Donald trump to abandon the sanctions regime. Moscow intends to demonstrate, through Chinese digital currency and bitcoin is that U.S. sanctions will not achieve the goal in that case, if the OFAC (Office of foreign assets control within the Ministry of Finance of the USA) will try to “block” the Russian transaction related to bitcoins.
Trump’s attempts to influence the emerging triptoreline through the head of the Treasury Marshall Billingsley, former head of the FATF, have failed. The white house sees that cryptocurrencies have become an effective tool in the hands of people, companies or States under sanctions. So trump could not support cryptocurrency in the United States and hit on them, commenting on the project Libra. But the President will be forced to accept them, because state governments cannot afford to delay in the regulation of cryptocurrencies – in this case, Washington will lose not only the effectiveness of its sanctions, but much more.
The only way trump can take advantage of the potential of cryptocurrencies for the development of the American economy, is to shoot with RF sanctions. Due to this, trump will be able to defend themselves against criticism by Democrats, who control the lower house of Congress, because its opponents believe that any favorable for cryptocurrency regulation in the United States represents “one more step” to allow the Russians to circumvent the sanctions.
Domestically, the Kremlin has made the digital agenda of the most important national project in the history of Russia. It is designed to obscure the industrialization implemented by Stalin. This digital project is a new “political religion” of the Russian youth, which, according to authors of the project, will be enthusiastic to work, turning Russia into a digital superpower, the power of which depends not from factories, and from digital services.