Are Britain and Russia looking to join the Crypto Revolution?

Are Britain and Russia looking to join the Crypto Revolution?

Are Britain and Russia looking to join the Crypto Revolution?

Could the recent enthusiasm for potential cryptocurrency acceptance within Russia and the call by a British MP to embrace the digital currency, and its technology demonstrate the wider global softening towards acceptance of fintech ‘’Financial technology’’ and cryptocurrency?

Recent reports now suggest that, despite the Bank of Russia suggesting an outright ban of cryptocurrency citing the risk to the Russian Ruble, Finance Minister Ivan Chebeskov and Russian President Vladimir Putin both agree that such a ban would encumber the countries capacity to progress within the global markets of tech adoption. A marked advantage quoted by the President was the ability for Russia to actively mine for cryptocurrency without energy consumption restricting the progress. Reports suggest that Russia enjoys a ‘surplus of energy’ and with current kWh prices being 40-60% cheaper for both domestic and business use compared to leading G7 European countries, would suggest the claims have merit.

Could this approach prime Russia to become a dominant global force in both cryptocurrency mining and domestic adoption?

With the recent report from Russia now mainstream, a British MP was timely in his call to arms for fintech and cryptocurrency. Former Secretary of State for Digital, Culture, Media and Sport, Matt Hancock, used his time within Westminster this week to advocate for Britain to embrace the new technologies that cryptocurrency affords the world and encouraged Britain to harness this 21st-century innovation, or risk being left behind as the world witnesses growing adoption.

The last 2 years has placed the world under immense pressure and life as we knew it was forced to change as people learned to adapt. The Zoom generation, hospitality, and sports spectacles acclimatized to ensure industries survived, and with this adjusted lifestyle came a wider appreciation of cryptocurrency and how this technology can reinvigorate the financial landscape for the better.

In this post-pandemic new way of life, greater emphasis has been placed on the benefits of contactless payment systems that can be received worldwide in fractions of a second; the plethora of applications on the blockchain means the tech can be utilized in data storage, information validation, and security advancements from a decentralized network. All of this will only be possible when governments stop fearing this revolution and embrace the future. This would require the implementation of a new and progressive regulatory regime, an ambitious approach to fintech and cryptocurrencies. Only by embracing innovative technologies and by demonstrating this technology to be an economic driver, will Britain be able to strive to be concluded as a leader in this field. Time will tell whether British pettifogging rules continue to stagnate the global revolution that is cryptocurrency.