, Columnist
Russia’s Push Into Crypto Is a Big Step Backwards
The country is moving toward a tiered financial system, using rubles for enemies and bitcoin for friends. But it’s tried – and failed – with this approach before.
Looking to the past.2
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While most of the world watches in horror as Vladimir Putin advances his military invasion of Ukraine, Russia’s congruent foray into Bitcoin, gold-linked rubles and central bank digital currencies is triggering a conflicted response from financial technology and crypto enthusiasts.
On one hand, the moves by Russia vindicate and legitimize alternative-money visions for the world. On the other, they empower the ambitions of a rogue leader who has been condemned by the international community.