A recently-announced Russian presidential candidate, Boris Titov, is a bitcoin advocate. He promises to legalize bitcoin and other cryptocurrencies if elected. Titov is friends with President Vladimir Putin and heads up his efforts to fight corruption. He has also repeatedly advocated for the legalization of bitcoin in Russia, suggesting the country should follow Japan's lead.
Bitcoin Advocate Running for President of Russia
Presidential Commissioner for Entrepreneurs' Rights and business ombudsman Boris Titov is running for Russian president in the 2018 election. The 56-year old is representing the business-oriented Party of Growth, the party announced this week.
"Titov is part of the Kremlin establishment and friends with president Vladimir Putin," the Moscow Times described, adding that "he is also an economic liberal and heads up the president's efforts to fight corruption."
He told publication Mail.ru that "We will legalize bitcoin and other cryptocurrencies in Russia" and further elaborated:
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.
Titov explained, "in the domestic Russian market, say, for a sandwich, you cannot pay [with] cryptocurrency." He added that "it is necessary to change the Russian economy. There is a need for change in society," noting that "we are talking about the digital economy – development of the blockchain, cryptocurrencies, and IT-sphere."
Titov Will Not Create National Cryptocurrency
Currently, the Russian government is working on developing the country's national cryptocurrency, the cryptoruble, under the order of President Vladimir Putin in October. The first proposal for the cryptoruble has already been submitted by the Ministry of Communications and Mass Media.