Having starttd in 2009, cryptocurrency has passed a complex and intricate way. Until now, financial systems of many countries are skeptical about digital money, but the cryptoepidemic of 2017 clearly showed that cryptocurrency is our future.
The Russian Government hesitated to the last and abstained from any comments regarding a new type of digital currency. But it was impossible to keep silent for such long time, as the whole world was carried away by enthusiasm around the growth of Bitcoin, which provoked an uncommon interest in cryptocurrency market as a whole. Thousands of Russians have long been successful traders in this market and invest their resources in coins of such bisons of crypto market as Bitcoin, Ethereum and Dash. But why is not the government, namely the Central Bank of Russia, in a hurry to legitimate cryptocurrency? These reasons are quite understandable, they are not hard to plumb.
Incomprehension the nature of cryptocurrency in general
It's trite, but it's a fact. At this stage, the state does not know how to organize work with a new phenomenon. We are in need of a clear plan for creating a package of documents that should determine to which legal field the digital currencies should be attributed, how to regulate the relationship between the participants of the crypto market and the state. The absence of such instruments gives rise to a number of reasons that the Government is most afraid of. They are as follows.
Anonymity of transaction
The state has long been accustomed to keep under control all spheres of activity of its citizens. At the moment, no financial transaction can go unnoticed. If necessary, the inquisitive eyes of officials will always follow the financial deal from beginning to end. But cryptocurrency has presented an unpleasant surprise to the financial system: all transactions are impersonal and completely anonymous. There are no taxes and duties, which means that the state does not receive income. In this matter, the developers of Dash cryptocurrency went the furthest, they created completely impersonal digital money, which can not be said, for example, about Bitcoins.
Operations with bitcoins are transparent, you can track both the wallet number and the address of its registration. On the contrary, the Dash transaction is completely anonymous, no one will ever know anything about you. Officials fear it the most and appeal to the fact that money came from an illegal source may be laundered by means of cryptocurrency.
Load on electrical power system
The process of obtaining cryptocurrency - mining - requires a lot of energy. To ensure 24-hour operation of farms it is needed a huge amount of electricity. In case of full legalization of cryptocurrency, the miners will be free to operate and special machines for creating a cryptocode will be available to any citizen. The existing power supply system in Russia is simply not ready for such loads. In a country, where a simple connection of a welding machine to a power supply system can cause a voltage slump, energizing mining farms is a catastrophe.
In this matter, the Dash digital currency has also surpassed many other well-known coins. It's all about the mining system that developers created. This is a system of local wallets Masternode, which requires significantly less time to verify transactions, and hence the creation of crypto. Unlike Bitcoin and Ethereum, Dash transactions pass instantly, which in the case of legalization of cryptocurrency would significantly facilitate the financial turnover in the state.
Agiotage among population
In the digital currency market, huge amounts of money are circulating. Many successful traders and financial analysts become millionaires overnight. But luck is not for everyone. In this complicated business, a competent and well-thought-out approach is needed. Of course, you can get thousands and thousands but it is possible only by making great efforts and investing considerable resources. The fear that a headlong rush to be in pocket but not to be thoroughly aware of the process and remain with nothing is one of the main reasons for the Government's unwillingness to legitimate cryptocurrency as monetary resources.
Cryptocurrency is a hotbed for scammers
This reason follows directly from the previous point. There are so many scammers on the Internet trying to enrich themselves at the expense of inexperienced users. The market of cryptocurrency is a real paradise for them. There are many dodgers who want to make a profit of 100, 200, or even 500% from the new coin. More and more cam projects appear and they involve investors under the pretext of fabulous payments. As a result, scammers break the jackpot and disappear.
The market of cryptocurrency is a very interesting phenomenon, but at the same time it is very dangerous. The process of development and distribution of the digital currency for all spheres of life is inevitable and the authorities of Russia understand it very well. That is why all the official statements, and in particular the Central Bank, are vague. They need enough time to work out the measures, instruments, change the tax policy with respect to cryptocurrency.
Find out more about Dash - here