Russian and cryptos

Russian Opposition Leader Receives $32 M Worth of Bitcoin

Alexei Navalny, the Russian opposition leader has reportedly received $3,200,000 worth of Bitcoin this year alone. The total sum of Bitcoin received by the opposition leader sums up to a whopping 658 btc.

The reason for these donations in BTC is still unknown but analyst believe it is to fund Alexei Navalny’s movement against the current president.

Bitcoin as a Tool Against Tyranny

With many nations in the world facing badgering from their government, crypto and majorly Bitcoin is the new solace for those citizens.

The Alexei Navalny movement has been receiving Bitcoin as far as 2016, the total Bitcoin is now amounting to $32 Million. Political analyst have deciphered that Bitcoin donations serve as an escape route for democracy activists in Russia and many countries.

Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation explained that since the government has no control over Bitcoin it wants to restrict people to banking facilities only. 

Navalny, Russia’s opposition chief, was poisoned in Siberia last August. Navalny faults Putin who denies the allegation. 

After Navalny went through five months recuperating in a clinic in Germany, the Russian government arrested him upon his return to Russia in January 17, prompting protests in the nation requesting his delivery.

Surprisingly the bitcoin donations to his crypto wallet has increased. According to data from crypto website Protos and reports by Reuters, the wallet received 1 BTC from a supporter in a day.

Russia’s Stand on Crypto and Russian Opposition Leader

The stand of Russia as a country on crypto assets has been aired as at January 1.

Crypto liberalization in Russia means that crypto can be legally tradeable but can’t be used as an everyday currency.

This is maybe a better approach than the first approach which the Russian government used. It had initially used a rather harsh strategy by giving jail sentences for crypto holders. It also declared bans on crypto-related websites, such as crypto exchange Binance.

It is yet to be clear if the Russian populace will vote for the Russian opposition leader in the next election. 

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