International interbank payment system SWIFT plans to start testing a unified system for cross-border transactions in cryptocurrency. The company plans to use its network as a platform to combine public and private blockchains with traditional means of payment. Doctor of Economics, Professor of the Department of Financial Management at the Russian University of Economics, says that this situation shows the US’s intention to defend leadership in the field of cryptocurrencies and the digital economy. GV Plekhanov Konstantin Ordov.
Previously Bloomberg It was published Material that Russia is on the verge of becoming the world leader in cryptocurrency mining. As Ordov noted, the reprinting of this article in some media outlets in Great Britain, Spain, the Czech Republic, as well as in the United Arab Emirates, Vietnam and other countries shows the concern of the West.
According to Bloomberg journalists, Russia, which had previously shown no interest in mining and even planned to ban it, suddenly changed its attitude. The publication writes that the reason for this may be pressure from the USA.
“Now, two and a half years after the Central Bank of the Russian Federation proposed a complete ban on cryptocurrencies, growing problems with cross-border payments are forcing the Kremlin to radically change its perspective. Vladimir Putin signed a law on cryptocurrency mining last month, paving the way for regulation in a country where about $3.5 billion worth of Bitcoin was mined last year, according to an article in Bloomberg.
At the same time, the interlocutors of the American agency state that “the Kremlin’s turn towards mining” could radically change the balance of power in the global digital economy.
“This move breaks established rules, creating new risks and opportunities for international finance,” Lauren Lin, director of business development for American mining company Luxor Technologies, said in the article.
As Ordov emphasizes, before the adoption of the mining law in Russia, the collective West could not imagine that it could have a strong rival.
“Cryptocurrency mining is an energy-intensive industry and most countries are currently experiencing energy shortages. Russia has improved energy production and excess capacity. Therefore, it has great potential for the development of the industrial mining sector. “At the same time, there is now a recession in the crypto industry in the United States,” he said.
On the aerial platform smotrimCommenting on Bloomberg’s materials, Igor Runets, owner and CEO of BitRiver, Russia’s largest mining data center operator, noted that US fears are certainly not unfounded.
“Russia is taking firm steps towards increasing its share, which allows us to catch up and surpass the United States in the field of digital payments in the financial system of the future,” he said.
Runets explained that this is a strategic industry in which the United States cannot imagine losing leadership.
“If Russia is catching up with America in a key sector of the digital economy such as mining, that means the United States can no longer ignore Russia. “This means that Russia has already confidently taken its place in the economy of the future, the digital economy,” he emphasized.