Vladimir Putin called cryptocurrencies risky assets requiring regulation

Russian President Vladimir Putin said that the level of regulation of the cryptocurrency industry will depend on the situation in the country.

As part of the Russia Calling! VTB Capital Forum Vladimir Putin expressed the opinion that he does not consider cryptocurrencies to be analogous to fiat currencies of central banks. According to him
a statement, digital assets are not supported by values, are highly volatile and involve significant risks.

“I think we need to listen to those who talk about these big risks. Although, of course, in some countries, in some economies, cryptocurrencies are more and more widely used. Maybe the future belongs to them, but we need to closely monitor how this process will develop. ”

Putin drew attention to the fact that in a number of states, digital assets are used in various industries. In other countries, such as China, they are banned from business. He stated that Russia will react to the development of the cryptocurrency market based on the situation in the country. The President of Russia specified that there will be oversight of the cryptoindustry, but in a format that will allow the economy to develop freely.

In an October interview with CNBC, Vladimir Putin said that “cryptocurrencies have a right to exist and can be used for settlements,” but that time has not yet come for Russia. In September, Russian President Vladimir Putin instructed the Ministry of Finance of the Russian Federation and the Central Bank to prepare proposals for verifying digital assets and digital currency as part of the National Anti-Corruption Plan. In March, Putin authorized the Russian Prosecutor General’s Office and Rosfinmonitoring to take measures to prevent illegal international transactions with digital financial assets (CFA).