Valeriy Romanyuk: ‘Crypto-yuan can become the world's digital currency’.

Valery Romanyuk, the First Vice President of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain, gave an interview to Rusbankrot at the Stolypin Forum site and talked about the prospects for cryptocurrencies in the Russian Federation, asset tokenization and mining opportunities in the country.

Do you think it is possible to legalize cryptocurrency in the Russian Federation?

Although there are already hybrid payment schemes, when we pay in rubles and exchange operations take place in jurisdictions where it is allowed.

Do you think El Salvador's Bitcoin decision is promising? Considering the fact that immediately after the purchase by the country, the cryptocurrency rate has dropped.

V.R .: Well, the rate has dropped not because of this. The solution is promising in the context that one country and one central bank have shown that they can accept new conditions and experiment in a difficult economic situation. What is better for them to exist with? Either with fiat currencies or try crypto. From an experimental point of view, the result is interesting.

Today you said that if we tokenize the assets, Russia will become the richest country in the world. Why don't the authorities do this?

V.R .: There are several reasons. First of all, the historical one - the export of material assets from Russia over the last 30 years has been taking place without the use of tokenization. We know that transnational corporations associated with various structures are successfully doing this even now.

And the story associated with tokens is more transparent, there are consequences. I think that this is precisely what they fear in our country.

Is Russia interesting for miners in general? Is it not more profitable for them to be in neighboring Abkhazia because of the electricity prices?

V.R .: This makes sense in Russia. The fact is that we have a lot of free energy capacities - both nuclear power plants and power stations. There are surpluses, and if the legislation on this issue is implemented correctly,in particular, in the question of how to pay the taxes, then the state would receive additional benefits from mining.

But now we have to prove it, to convince. In general, I believe that this is correct, because this is precisely the monetization of surplus energy, and there is a lot of it in Russia. Any normal business entity monetizes its surplus.

How soon will such a thing as ‘crypto-ruble’ appear in Russia?

V.R .: I think that as soon as the crypto-yuan after the Olympics (editor's note: the Beijing Olympics, 2022) is launched into the world circulation - in fact, this is a universal mechanism, the currency will be used all over the world - all other countries will catch up with their currencies. Both a crypto-dollar and a crypto-euro will be announced. The crypto-ruble in the form of which it is now announced is likely to appear approximately in the fall of the next year.

As for the strengthening of the crypto-ruble, it will happen more likely in 3-4 years.

Now I do not see much interest in launching the crypto-ruble on my own. Although this would be correct, because the development of innovative technologies in Russia is always ahead. It was necessary to use innovations in this area, to create experimental mechanisms even yesterday.

What cryptocurrencies do you consider the most promising at the moment?

V.R .: Bitcoin, ether, and I will say about stablecoins - some of them will definitely go off. I know that the United States has already made a decision related to the Federal Reserve System, which is experimenting in this area. There will be a stablecoin, more seriously worked out.

What do you think about dogcoins supported by Elon Musk?

V.R .: This is an internal story that shows that at the stage of the start of cryptocurrency development, any tricks are possible. But they will only operate within the framework of the system where they are supported. It means that if Elon Musk supports it, it creates a benchmark, everyone begins to believe in dogoins and tries to buy them. But these are more speculative things that can go this way today and differently tomorrow.

It is too early to say that some kind of the world currency has been accepted, because bitcoin, along with ether, can be squeezed. Most likely, crypto-yuan will be the closest to the status of the world’s currency.