The international interbank settlement system SWIFT plans to begin testing a unified system for cross-border cryptocurrency transactions. The company plans to use its network as a platform that will combine public and private blockchains with traditional payment instruments. This shows the US intentions to defend its leadership in the field of cryptocurrencies and the digital economy, says Konstantin Ordov , Doctor of Economics, Professor of the Department of Financial Management at the Plekhanov Russian University of Economics .
Earlier, Bloomberg published an article about Russia being on the verge of becoming a world leader in cryptocurrency mining. As Ordov noted, reprints of this article in a number of media outlets in the UK , Spain , the Czech Republic , as well as the United Arab Emirates, Vietnam and other countries indicate the West’s concerns.
According to Bloomberg journalists, Russia, which had previously shown no interest in mining and even planned to ban it, suddenly changed its position. The reason, the publication writes, could be pressure from the United States.
“Now, two and a half years after the Russian Central Bank proposed a complete ban on cryptocurrencies, growing problems with cross-border payments are forcing the Kremlin to change its mind. Last month, Vladimir Putin signed a law on cryptocurrency mining, paving the way for legislative regulation in the country where about $3.5 billion worth of bitcoin was mined last year,” the Bloomberg article says.
At the same time, the American agency’s interlocutors note that such a “turn by the Kremlin” towards mining could radically change the balance of power in the global digital economy.
“This move disrupts established rules, creating new risks and opportunities in terms of international finance,” Lauren Lin, director of business development at the American mining company Luxor Technologies, said in the article.
As Ordov emphasized, before the law on mining was adopted in Russia, the collective West did not imagine that it could have a strong competitor.
“Cryptocurrency mining is an energy-intensive industry, and most countries are currently experiencing a shortage of energy resources. Russia has developed energy generation and a surplus of capacity. Therefore, it has great potential for the development of the industrial mining industry. At the same time, the United States is currently experiencing stagnation in the crypto industry,” he said.
Commenting on Bloomberg’s material on the Smotrim platform , the owner and CEO of Russia’s largest mining data center operator BitRiver, Igor Runets, noted that the US’s concerns are not at all unfounded.
“Russia is confidently moving towards increasing its share, which allows us to catch up and overtake the United States in the area of digital payments, in the financial system of the future,” he said.
Runets clarified that this is a strategic sector in which the US cannot even imagine losing its leadership.
“If Russia is catching up with America in such a fundamental branch of the digital economy as mining, it means that the States can no longer ignore Russia. It means that Russia is already confidently taking its position in the economy of the future, in the digital economy,” he emphasized.