As you may not know, Boris Titov, the Presidential Commissioner for Entrepreneur Rights, is intending to take his shot at becoming Russias next president. Titov represents the Party of Growth and has been leading it since 2016. Despite this, his relationship with Vladimir Putin is alright. Titov is quite supportive of the bitcoin and cryptocurrency in general.
How can Titovs candidacy affect the bitcoin?
Well, Titov is more or less a liberal when it comes to economics. Recently he told one of Russias biggest media publications, Mail.Ru, that he intends to legalize bitcoin and other cryptocurrencies within Russia.
“Popular cryptocurrencies, including bitcoin and ethereum, will be legalized. People will have the opportunity to store them in banks and crypto exchanges and use as a means of payment, however, only for external transactions” – Boris Titov, Russian presidential candidate 2018.
Titov believes that’s it is of the utmost importance to alter the internal Russian economic system. He has highlighted several times that there is need to change in order to adapt to an economy that is becoming increasingly digitized. Over the summer, Titov wanted the Russian Central Bank to mimic Japan in their treatment of cryptocurrencies
Titovs stance on the CryptoRuble and regulation.
Titov does not believe that the answer to Russias crypto adoption lays within the CryptoRuble. Instead of creating something new, he believes that it’s much more critical to simply regulate what already exists.
Additionally, he had quite a good idea pertaining to testing the effects of crypto adoption within Russia. He proposed that Kaliningrad be selected as a pilot city for bitcoin use. If this goes off, it would mean that the citizens of Kaliningrad will be able to use bitcoins to buy food, entertainment, and things like gasoline.
Will Titov overtake Putin in the next election?
While there are some chances, they are relatively slim. Sure, Titovs pro cryptocurrency stance will add a lot of popularity to his campaign in the eyes of bitcoin adopters and millennials.
However, this does not mean that Putin cant up his cryptocurrency stance to gain more popularity and support. If the bitcoin is used for internal political leverage than this will lead to two things. Regulatory framework will be developed faster because of new ideas popping up. The Bitcoin will ultimately become fully legal in Russia.