Crypto -ruble and cryptooani. Why authoritarian states "Anarchist's currency"?

Photo: Elena Palm / Interpress / TASS

This is an adapted translation of the Leonid Bershid column to Bloomberg View. Other materials of the publication can be read at the link .

Russia and China are considering the idea of ​​national cryptocurrencies. Why is the technology that threaten to decentralize money seems so attractive to this highly centralized authoritarian regimes?

The newspaper “Arguments and Facts” in an article of October 14 brought the words of the Minister of Communications and Mass Communications of Nikolai Nikiforov that Vladimir Putin personally ordered the “crypto -RIGHT” to quickly release. Nikiforov also noted that “Russian cryptography” will be used in this currency. In addition, the cryptorrhea cannot be mined, like bitcoin, since it will be a “closed model with a certain volume of regulated emission”. This corresponds to the statements of the head of the Central Bank Elvira Nabiullina and the Minister of Finance Anton Siluanov , that the state must take control of the release and use of cryptocurrency.

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