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Russian central bank proposes banning cryptocurrencies, crypto mining
- mandmandam 5y agoSo much to point out in this context free article. > Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. Like banks and cash do? > the central bank said speculative demand primarily determined cryptocurrencies' rapid growth and that they carried characteristics of a financial pyramid This is a real issue (that many crptocurrencies make efforts to address). However, if we're talking about financial pyramids, and not mentioning the decades long historic rise in extreme wealth inequality across the developed world, then are we actually being honest at all? > The central bank said crypto mining created problems for energy consumption. Bitcoin and other cryptocurrencies are "mined" by powerful computers Guys, not every cryptocurrency is mined. This is well known, and impying otherwise is active disinformation and a smear. Block lattice tech is completely unmined, for example. I don't believe for one moment that either Russia or Reuters are unaware of this fact, so I hope people ponder why they would feign ignorance. > Russia's regulator said crypto assets becoming widespread would limit the sovereignty of monetary policy, with higher interest rates needed to contain inflation. There it is. > It said the long-term potential of cryptocurrencies being used for settlements was limited. Unless we're using the word limited in the most pedantic possible manner, this is obviously not true. Cryptocurrencies have insane potential, as evidenced by the statements above among other reasons. > Meanwhile, the Bank of Russia is planning to issue its own digital rouble Lol.