Russians lack knowledge about cryptocurrencies
The Russian treasury can receive additional income from operations with cryptocurrency and mining
DeFi will remain popular in 2021
International consortium of news organizations developing transparency standards.
Russia is one of the most promising markets for the development of cryptocurrencies, given the population and geographic location. However, the adopted bills and resolutions of the Central Bank and tax services not only do not contribute to the development of this sector, but, on the contrary, restrain the spread of cryptocurrencies in the country. Will Russia ever become a cryptoasis, and how the DeFi boom affected Russians, the BeInCrypto editorial team discussed with Dmitry Sheludko, CEO of the CoinBene Russia cryptocurrency exchange.
– Dmitry, tell us about your experience with cryptocurrencies?
D.Sh.: My experience with cryptocurrencies started in 2016. Before that, I traded on the American stock market and managed a family fund.
In 2016, everyone began to actively discuss Bitcoin due to its high volatility and good profits that professional traders managed to get. At that time, I watched the crypto market, but no more – compared to the stock market, cryptocurrency is a very high-risk asset.
Then I wanted to study this world from the inside and I got into the project – the Credits blockchain platform. There I was engaged in attracting investments. We managed to raise $ 20 million and engage in business development in partnership with Lenovo, IBM, Amazon and others.
Since I have a wide range of contacts with crypto exchanges, I was offered to become the CEO of the top 10 CoinBene exchange in Russia and head the office. It was in October 2019. Now the representative office has been working for a year. We have formed a local community, built a support service and continue to successfully develop the exchange business in Russia and the CIS.
– What difficulties are faced by the crypto business in Russia today, especially after the adoption in the last reading of the bill on “Digital payment assets”?
D.Sh.: Crypto business in Russia has the same problems as in the rest of the world – the lack of clear regulation and a ban on free payment for goods and services with cryptocurrencies. This greatly hinders the spread and adaptation of cryptocurrencies as a means of payment. States cannot allow the emergence of free and uncontrolled new assets that can replace state currencies, which is a direct threat to the development of the state’s economy.
Therefore, we are faced with a situation where cryptocurrencies are banned completely or strictly regulated, preventing free distribution of this type of economy..
Since my colleagues and I, leaders of the cryptocurrency market in Russia and representatives of the largest cryptocurrency exchanges, are members of the commission on blockchain and cryptocurrencies and have the opportunity to act as advisors in the development of the draft law on “Digital Payment Assets ”, We defend the interests of the crypto community and make amendments that will make cryptocurrencies in Russia are legal, accessible to anyone and free for circulation, distribution and mutual settlements.
– Do you think that the adoption of the law will eventually force the crypto business and miners to leave the market? After all, in fact, the bill prohibits making a profit from the mining of crypto coins in a crypt, which contradicts the very essence of mining?
D.Sh.: This can happen if the state decides to close this door to the possibility of economic development. After all, mining, like the whole world of blockchain and cryptocurrencies, is a huge and promising industry that makes it possible to attract foreign investment, create jobs within the country and provide an opportunity for Russian residents to increase their well-being. And the state can perfectly receive taxes from this business and even independently conduct mining activities and use the blockchain and cryptocurrencies in the country’s economy..
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The state is in a prohibitive position, because it does not yet understand how to introduce clear and correct taxation for mining activities and how to avoid violations by miners. This is a lot of details – technical, economic, which require partial modernization of the tax system, and since reforms and changes are difficult for us due to the bureaucracy and sluggishness of the system, we get tough decisions and prohibitions that contradict logic, since it is easier to ban than to create conditions.
– Have Russians started investing more in cryptocurrencies, given the DeFi boom? Or the statistics have not changed?
D.Sh.: Undoubtedly, the appearance of DeFi projects revived the mood on the crypto market, including investors from Russia. The problem is that in Russia and the CIS there are very few people who are familiar with cryptoeconomics, and, unfortunately, there are no quality products for teaching this and financial literacy in general..
As a result, only a few percent of the total population invested in cryptocurrencies, and if the experience was unsuccessful, people will no longer invest in this market. Thus, the development of the entire cryptocurrency ecosystem is required – education, financial literacy, trading skills, etc..
– How do you assess the development of DeFiDecentralized finance (DeFi) is financial services built on the basis of blockchain technology that offer users access to an open, efficient and … More in Russia? What promising domestic DeFi projects and products could you name??
D.Sh.: So far I do not see promising Russian projects just because Russia is not yet open for the development of cryptoeconomics.
But I see that a lot of large and high-quality DeFi projects in the world are created by immigrants from Russia and the CIS. The same Aave project – one of the leaders of the DeFi market – whose founder is a native of Russia.
– If we talk about trading cryptocurrency derivatives, in particular, futures and options for DeFi tokens. How promising is this direction in Russia?
D.Sh.: The direction is very promising, the entire cryptocurrency market is following in the footsteps of the development of the stock market and many instruments are moving from there. But again, the question is about financial literacy.
If people don’t know what futures and classic options are, it will be difficult for them to understand how it differs from futures and options in cryptocurrencies and how to make money on them in general..
– Give your forecast for the development of the domestic crypto market for 2021 and the coming years. What will happen?
D.Sh.: I really hope that we will follow a progressive path of development. For this it is necessary and important that more high-quality projects appear and this is not influenced by the legislative policy of the state. After all, cryptocurrencies around the world are a free economy without barriers and borders, and people in Russia and the CIS should understand this and start creating something new, believing in the best and having a global mindset..
– What coins are worth investing in today to make a profit?
D.Sh.: It is always worth investing in tech companies and coins that have high-quality grocery and technological support. The simplest thing is to try on yourself – if you are interested in the products and services that the company provides and you know that it will be relevant for several years – feel free to invest in a coin. But do not forget about the risks and always do it wisely, buy from the bottom.
– Your forecast for the price of Bitcoin and ETH for 2021.
D.Sh.: DeFi will continue to evolve and this will affect the entire market. In 2021, I see bitcoin at a price of $ 15-17 thousand with a possible peak of up to $ 25 thousand. ETH is waiting for a new stage of development and this will affect the price. It will trade around $ 1000 with a peak up to $ 1500, but I see growth prospects up to $ 3000 within a few years.
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