Ex-Chairman at Tinkoff Bank: Regulating Bitcoin is Easier than Banning It

News and Analysis

ForkLog talked with the ex-chairman of Tinkoff Bank and OTP, and retail business developer Georgi Chesakov at Moscow Blockchain Hackathon. Chesakov spoke about blockchain perspectives and problems bitcoin faces in Russia.

The situation around bitcoin regulation in Russia remains unclear. Notwithstanding the regulator’s evident interest in blockchain and creation of an expert group at the Central Bank, and other positive factors, cryptocurrency’s legal stance is far from being resolved.

“The problem with the regulator’s benevolence for bitcoin in Russia lies in misunderstanding. The very word, ?cryptocurrencies’, launches negative connotations and concerns related thereto. There are fears that bitcoin would promote shadow sector, though we should work with that. Bitcoin itself is not as black as it is painted. It’s much easier to regulate it rather than to ban. It should take interaction with authorities along with enlightenment work, so that people could understand what it actually is.”

As for now, only western bitcoin companies have the experience of enlightenment activities amongst government officials. For instance, Coinbase hired ex-officer of the Senate, John Collins, in November 2014. Collins heads the government relations department whose primary task is to communicate with the department engaged in development of digital currency regulation laws.

Another popular service, wallet provider blockchain.info, is also experienced in that field. The company hired Marco Santori, a lawyer, as its official representative in government entities. The supreme target of such practices lies in bridging the gap of cryptotech understanding between cryptocurrency users and lawmakers. Ukraine is also more or less positive as to cryptocurrencies, as its National Bank is literally captivated by the very concept and opportunities provided by the blockchain technology.

During the last 18 months blockchain became a superstar with enormous rate of related discussions. Money 20/20 conference recently held in Las Vegas, saw the blockchain section becoming the most appealing and discussed. However, the prolonged media fuss and series of major investments will probably be followed by interest recession.

“I believe, it’s a hype phase for blockchain now, but the babble will eventually burst, and people will get disappointed in the technology. There are many issues waiting to be resolved. That’s for a short-term. However, in 5 to 10 years’ time, blockchain will change many things, as it is a truly disruptive technology,” Georgi Chesakov said about perspectives of the blockchain technology.

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