Like it or not, the direction of financial blockchains is largely directed by regulation. This becomes especially important across international borders. As a large player in the world of cryptocurrency, Russia has had an interesting approach to say the least. The difference in ideology creates a very distinct ecosystem compared the US for certain kinds of financial blockchains, but the internal struggles between traditional regulation-heavy government and looser growth-focused initiatives creates an uncertain future for where it will go next. This stands in stark contrast to the Blockchain Friendly Countries that have openly adopted blockchain and cryptocurrency to encourage development.
Molly Jane Zuckerman’s coverage in Russia’s ‘Disappointing’ Cryptocurrency Legislation: Why Experts Consider the Bill a Failure takes a look at how Russia got into its current precarious position and what that can mean for the future.