The head of the research and analysis department of Promsvyazbank, one of the largest Russian banks, called bitcoin a “more or less material embodiment of mutual trust between potentially unlimited number of people.”

In his article in Vedomosti, Nikolai Kascheev dwells upon the perspectives of the so-called “fourth industrial revolution”, arguing that the future economy is “distributed economy” associated with the displacement of centralized upright structures by a global network of horizontal contacts.

He believes that the emergence of virtual currency in the world of impetuous decentralisation is absolutely natural. Fiat currencies, Kascheev writes, have been a symbol of trust to the upright governmental structures and emittents, which took the obligation to reasonably manage the liquidity, among all, for tax purposes. Though centralized and highly trusted, this structures did not prove to be the panacea from dramatic devaluations.

“Unlike them, bitcoin digital currency does not have centralized issuance or insurance centers; rather, it is a more or less material embodiment of mutual trust between potentially unlimited number of people. It is ultimately a child of “horizontal society”, if you want, a distributed currency.”

He admitted that, being relatively conservative in his views towards the finance, he once and for all reconciled with the idea of digital currency when it was declared a commodity.

Nikolai Kascheev is not the only representative of the Russian financial industry who appreciates bitcoin that high. The head of the largest Russian bank admitted having the cryptocurrency in his possession, while the digital wallet platform Qiwi is pushing hard with its local bitcoin alternative, Bitruble, which has recently become a trademark.


Maria Rudina