Russia’s Putin Says It’s Important not to Pile up Too Many Barriers in Cryptocurrency Regulation

News and Analysis

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.

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