With nations as diverse as India, South Korea, China Germany, France and the US have publicly expressed their worries over the increased popularity of cryptocurrencies (including the prominent Bitcoin), others including Venezuela, Russia and Iran have expressed their desire to enter the market of state sanctioned cryptocurrencies whose transactions are executed through the use of state of the art blockchain technology.
The leader of Russia’s Chechen Republic, Ramzan Kadyrov today expressed his personal endorsement of cryptocurrencies while announcing that he has purchased some Bitcoins. Using his popular Telegram channel, Kadyrov told his followers,
“In a world of constantly changing technologies, one needs to improve oneself to grasp the innovations. I have already promised to introduce blockchain to the republic, and I’m eager to learn about innovative payment networks, too. Therefore, I’ve made up my mind to buy a share of bitcoin to follow the evolution of the cryptocurrency”.
While still offering a caution against the boom and bust tendencies of crypto-investments, Kadyrov has grasped the reality that blockchain technology is the future and that it ought to be understood, embraced and built upon rather than misunderstood, feared and prohibited. In this sense, Kadyrov has done at a regional level what Russian President Vladimir Putin has done at a national level, as Russia gets set to unveil its own Cryptorouble. While all of Russia has been hit with US sanctions, therefore making any non-US Dollar based economic investments attractive, the Chechen Head and his colleagues have been hit with US sanctions in a particularly direct way.
Kadyrov responded to being targeted directly by US sanctions, saying,
“I have said before, but I will repeat again for the especially forgetful that I would not have gone to the USA even if all the currency reserves in the country were promised to me as prizes”.
Since then both Instagram and Facebook have deleted his accounts in a move widely condemned as censoring political free speech. However, Kadyrov’s Telegram Channel continues to be his strongest direct line of communication with fellow Chechens as well as admirers throughout the world.
Savvy investors throughout the world may now get a chance to be directly involved in the growing Chechen economy through the use of cryptocurrencies, including the Russia wide Cryptorouble which will began sales later this year.