Russia’s Putin Says It’s Important not to Pile up Too Many Barriers in Cryptocurrency Regulation
Russia’s president Vladimir Putin has stated that introduction of digital technologies in finance shall be subject to a thorough discussion to avoid cryptocurrency-related risks.
Speaking at a meeting in Sochi, Putin noted that he was aware of the Central Bank’s cautious stance in regard of cryptocurrency regulation.
“In some countries, cryptocurrencies are becoming a full-fledged means of payment and an investment asset. Still, utilization of cryptocurrency involves notable risks. First of all, it’s money laundering, tax evasion, terrorism financing, and, of course, fraud that can affect average people,” he stated.
Mr. Putin also expressed his concerns stemming from the unlimited number of anonymous entities that issue cryptocurrencies that lack any backing.
“In case of some system failure, or, as they say these days, a bubble, there won’t be anyone held legally liable. It’s an important thing we should heed while discussing this matter,” he added.
He also said that the regulator should avoid piling up unnecessary barriers, but establish conditions for improvement of Russia’s financial system instead.
Earlier, Russia’s Central Bank stated that cryptocurrency trading websites will be blocked in Russia.
- Cryptocurrencies Pose No Risk to Stability, Russian Analytics Say
- St. Petersburg Court Overturns Previous Decision to Block Bitcoin-Related Site
- Russian Crypto Criminal Admits Money Laundering and Fraud
- Russian Digital Law Bill Will Not Legalize Cryptocurrencies
- Russian Government to Control Bitcoin to Fiat Exchange Operations
- Court Orders Telegram Messenger App to be Blocked in Russia
- The Reserve Bank of India Bans Regulated Entities From Dealing In Virtual Currencies
- Russian Authorities Prepare Controversial ICO Regulations