For some obvious reasons, but also irrational fears, big players like China, Russia, and the European Union are wary of cryptos like bitcoin. Centralized control doesn’t square with decentralization. However, often that’s not how their own regions and smaller neighbors feel about cryptocurrencies. In today’s Bitcoin in Brief we cover some recent developments mirroring this divergence of interests. The balance between center and periphery is likely to determine the future of cryptocurrencies in Eurasia and beyond.
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Only Cryptoyuan, Only Cryptoruble
China will not allow any cryptocurrency other than a digital yuan, a Chinese entrepreneur recently told Russian media. Huan Zhang’s company, DAEX Blockchain Group, is working on a clearing ecosystem for cryptocurrencies in collaboration with Russian counterparts. She believes the decentralized nature of blockchain technologies and a centralized clearing platform should be balanced well for the crypto market to function properly. “China treats the blockchain in a positive way, but fears cryptocurrencies,” Zhang told Sputink. “The central bank is working on its own digital coin, cryptoyuan, and authorities won’t allow any other cryptocurrency in the country,” she said on the sidelines of the economic forum in Yalta, Crimea.
The Central Bank of Russia is also wary of decentralized cryptocurrencies. On multiple occasions, its representatives have spoken against their uncontrolled circulation and free exchange. The idea of a cryptoruble has its supporters among Russian officials, including in the CBR. For many Russian regions, however, a centralized crypto as a state-issued alternative is simply not good enough. The western exclave of Kaliningrad and Russia’s far-eastern capital Vladivostok, for example, are willing to create offshore zones for businesses working with decentralized cryptocurrencies.
Crypto-Crimea Planned
