It seems that Bitcoin has an important supporter in Russia. This is Boris Titov, a Russian businessman, who actually recently announced that he plans on participating in the presidential elections that are set to take place in the country in 2018.

Titov is also the leader of Russia's Party of Growth and he definitely is a bitcoin fan. Titov said that he would legalize all popular cryptocurrencies, including bitcoin and ethereum, allowing everyone interested to store them in banks and exchanges, or use them for payments.

He also claimed that as long as Russians continue to use the ruble, cryptocurrencies will not be used as a form of payment for everyday goods.

Titov: Cryptocurrencies can play an important role in the future

However, Titov believes that Russia's economy has to evolve and change to allow more openness. He claimed that while the price of oil drops and inflation grows, the economy of the country is suffering. Titov believes that cryptocurrencies can play an important role in the future and in new developments.

Did Russia drop the idea of releasing a national cryptocurrency?

He claimed that Russia has dropped the plan to release a national cryptocurrency. According to Titov, this was a discussion, but the idea was dropped, being considered that "the task of cryptocurrency is to reduce costs."

It has previously been revealed that the country's president, Vladimir Putin, and the ministry of finance have been discussing about national cryptocurrencies, but nothing else was disclosed.

However, according to Titov, they decided that a national cryptocurrency was not needed, but there is a need to regulate cryptocurrencies that exist. Titov also expressed his belief that it would be a good idea to regulate ICOs. He also claimed that cryptocurrency mining in Russia could become more effective than in the US.

This is not the first time when Titov speaks on behalf of bitcoin and cryptocurrencies. He previously asked the Russian government to legalize cryptocurrencies and become a world leader when it comes to blockchain. Titov also previously claimed that he believed cryptocurrencies could help Russia's declining economy.