With Russia and 10 other countries announcing the layout of regional chains, is the Indian economy on its way to becoming the next Venezuela?

In fact, the world may be setting off a sovereign cryptocurrency race, regional chains have been put on the agenda by many countries, and the purpose of some countries is clear, trying to achieve economic reversal through regional chains, Venezuela issuing petrodollars may be just the beginning, after Israel, Iran and Turkey have declared coins to issue various versions of sovereign cryptocurrencies, Russia and India, two economies may officially make a move, suddenly announced to follow this economic model of Venezuela, is it an opportunity or a trap? Are they becoming the next Venezuela?

Recently, Russian media outlet Russia Insight released a video of a discussion between Russian President Vladimir Putin and Herman Gref, the president of the country's largest bank, Sberbank (Russian Federal Savings Bank). We need blockchain technology," Putin said. The end of the Stone Age was not because there was a shortage of stones, but because of the emergence of new technologies. Once you fall behind in this race, you can be quickly, very quickly run down by the leader in the field. "In fact, Gref has long been an optimistic proponent of cryptocurrencies and blockchain. In November 2017, Gref stated that cryptocurrencies are already a fact of life for us and noted that they will become an integral part of the global financial system.

Image credit wccftech

Energy currency experts told BWC Chinese that this would be an important signal for Russia to accelerate the layout of regional chains or sovereign cryptocurrencies. It is possible that Russia will complete this program in the first half of this year. Back in October 2017, Russia proposed or would issue an official digital cryptocurrency, CryptoRuble, also known as the "crypto ruble"; in late December 2017, the Central Bank of Russia drafted a proposal for a new transnational cryptocurrency. It is worth noting that just a week before Putin's comments were made public, another relatively important world economy, India, expressed a near identical view.

Image courtesy of The Economist magazine

Not to be outdone, last week Indian Prime Minister Narendra Modi said, "Disruptive technologies such as blockchain and the Internet of Things will have a profound impact on the way we live and work. They need to adapt quickly to the scenarios we work in. "Many cryptocurrency traders, investors, users and members of the global cryptocurrency community, are bullish on Modi's approach to adopting and managing the blockchain and cryptocurrency market. Some analysts believe that India is likely to be quietly laying out regional chains, and once the time is ripe, India may use the momentum to launch and aspire to bring world-class influence through it.

Photo credit Conscienciah Web

Up to now, after Venezuela issued petrocoin, Israel, Iran, Turkey, Estonia, Singapore, Sweden, Iceland, Russia and India have clearly indicated that they are launching sovereign cryptocurrencies or plan to focus on the layout of regional chains. The above ten countries may only be the prelude of the world's regional chain battle, and once economic powers such as China and the United States directly announce that they will issue sovereign cryptocurrencies or vigorously promote regional chains, a real regional chain drama will really begin. At that point, a "new species" like petrodollars may be completely sunk. And in the big wave of the regional chain race, some economically vulnerable countries are in danger of becoming the next Venezuela. (end)

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