Russia’s State Duma deputy calls for the use of cryptocurrencies to circumvent sanctions

In this, Vladimir Gutenev believes that Russian cryptocurrency should be backed by real assets

06.09.2022 - 12:20

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2 min

What’s new? Vladimir Gutenev, a deputy from the United Russia party, wrote in his Telegram channel that reports on the possible legalization of cross-border crypto payments and the construction of new BitRiver data centers in Buryatia and Yakutia confirm the need for cryptocurrencies to circumvent sanctions restrictions. In this, Gutenev noted that the only possible cryptocurrency in Russia should be backed by real assets, such as “stablecoin or the golden ruble.”

Post on Telegram

What else did Gutenev add? The deputy also noted that the Ethereum network will soon change its consensus algorithm from Proof of Work (PoW) to Proof of Stake (PoS). According to the politician, this will force miners to sell their equipment or switch to mining the new cryptocurrency, which will cause significant fluctuations in altcoin prices.

“The crypto business is like Russian roulette, where the value of cryptocurrencies cannot be predicted, as it depends on many factors: market demand, the method of token mining, and the appetite of large owner-players,” Gutenev said.

On August 30, Russian Prime Minister Mikhail Mishustin stated the need for intensive development of innovative areas, including the introduction of DFAs. In his opinion, this is a safe alternative that can guarantee uninterrupted payment for the supply of goods from abroad and for export.

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