The rapid expansion of cryptocurrencies and blockchain technology have caused a great stir around the globe. While people attempt to ‘catch the last train’ making money on cryptocurrencies, states seek to respond to the challenge and benefit from these technological advances.
The hype surrounding cryptocurrencies and intensive use of blockchain technology have posed a challenge to the entire financial system, sparking off debates on regulation of the field. On one hand, cryptocurrencies are expected to be ‘a bubble’ that is destined for ‘a bad end’. On the other hand, they are believed to be the future.
Against this background, states have to develop their own approaches to cryptocurrencies, setting new legal frameworks for their regulation, and even compete with each other in creating the most favourable environment for investments.
What are the prospects for cryptocurrencies? What actions should be taken by Russia to take the leading positions in the field?