Crypto exchanges laughed at Medvedev’s statement about disconnecting Russia from the Internet

Can Russia be disconnected from the Internet?

CONTENT

  • Crypto experts do not believe in disconnecting Russia from the global network

  • An alternative to the global network for banks has been created in Russia

  • Internet disconnection will destroy the country’s crypto market

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Deputy Chairman of the Security Council Dmitry Medvedev said that disconnecting Russia from the global network is potentially possible. But crypto exchanges don’t think so. Read about whether there is life without the Internet in our review

Cryptocurrency business will not be affected

At the beginning of the week, the Deputy Chairman of the Security Council Dmitry Medvedev said that in Russia there is still a potential threat of disconnecting the country from the global network, since “the keys to this casket” are in the United States. If this happens, Russia will implement “Plan B”, that is, it will switch to its own Internet. According to Medvedev, the country has already created its own information transmission network.

“The same can potentially happen with the Internet, and then we will not have access to the main nodes of this network,” Medvedev emphasized, recalling that due to such risks, a law was passed on the Russian segment of the Internet so that it could be controlled autonomously.

Such wariness of Russian officials is associated with the inauguration of the new US President Joe Biden, who could impose new sanctions against Russia, hitting the country’s economy. The most likely sanctions could be restricting the access of domestic banks to the world market, disconnecting the country from the SWIFT international payment system, or banning any transactions with Russian debt securities..

Crypto exchanges in Russia are ready for sanctions

A crypto business operating in Russia considers the internet outage scenario to be fantastic. Nevertheless, they are ready to work even when disconnected from the global network. BeInCrypto found out from experts how they feel about such risks.

Maria Stankevich, Business Development Director, EXMO Cryptocurrency Exchange I am sure that such statements are made primarily in order to divert public attention from other important issues. In this case, the expert identifies three possible scenarios:

  • Worst-case scenario – cut off the United States of America.

It seems to me that this can be compared with a declaration of war, so this option is very unlikely. However, if this happens, it is scary to imagine what will happen to the Russian Federation, since the base for supporting the development of technologies is very low in our country..

  • The second option is to disconnect ourselves. According to Maria Stankevich, it is even less likely than option number one.
  • The third option – Russia will follow the path of China and will control the incoming and outgoing traffic.
Crypto exchanges laughed at Medvedev's statement about disconnecting Russia from the Internet

In general, the option is not the worst, since now we are dependent on Apple or Google to some extent more than on the state itself. But this scheme is very complicated, since we have a very large number of inputs and outputs to the Internet and technologically it will be very expensive and energy-intensive..

Maria Stankevich also explains that all EXMO servers are located in Europe, so there will be no problems for the exchange itself for any of the options. As for users from Russia, in the case of the first and second options, only emigration will help. In the third option, a VPN will come to the aid of users.

Tatiana Maksimenko, official representative of the Garantex exchange, considers it unlikely that Russia will be disconnected from the global network, because Russia itself – its private, state-owned companies, the financial system – is unprofitable to send itself into an outsider. It’s like making banks willingly stop using SWIFT completely..

“But let’s suppose that this still happens. In this case, a local network must be thought out and created in Russia, which will allow the financial system to function. And the public administration system will also need some kind of network through which communication will be carried out. Of course, in such conditions, global trading platforms for cryptocurrencies simply will not be able to work normally in Russia. But as? Neither send coins from address to address, nor verify the transaction, nor buy properly, nor sell. But I will repeat once again – it seems to me more a horror story than a warning and a real threat, ”says Tatiana Maksimenko.

And here is the product manager of the KickEx crypto exchange Renat kalimullin I am sure that no global changes will occur if Russia is disconnected from the global network. At most, this is an inconvenience for cryptocurrency users..

“The volume of the world cryptocurrency market is more than $ 950 billion, due to the lack of correct regulation of the cryptocurrency market by the Russian Federation, one cannot speak of a significant influence of the Russian component of the cryptocurrency market. Therefore, we do not expect any significant changes even after disconnecting the Russian Federation from the global network. Of course, this will create inconvenience for users from Russia, but in this case it should be considered as a force majeure situation that we cannot influence, “the expert said..

What do you think? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

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Crypto exchanges laughed at Medvedev's statement about disconnecting Russia from the Internet
Crypto exchanges laughed at Medvedev's statement about disconnecting Russia from the Internet
Crypto exchanges laughed at Medvedev's statement about disconnecting Russia from the Internet

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