Russian President Vladimir Putin Says Cryptocurrencies Come With Risks, But May Have A Future

2021-12-01 18:57:54

Vladimir Putin, President of Russia, yet again comments the risks that come with using cryptocurrencies. When speaking at the ‘Russia Calling!’ VTB Capital Investment Forum 2021, the Russian President listed several arguments pointing out the dual nature of digital coins.

As for cryptocurrency, it is prohibited in some countries. It is not backed by anything, the volatility is high, the risks are high. I also believe that we need to listen to those who talk about the high risks.Vladimir Putin | President of Russia

Interestingly, the President also recognizes that cryptocurrencies have the potential to be a thing of the future.

Moreover, the Russian leader believes that in order to permanently implement crypto in the future, it is imperative to proceed to monitor the countries that officially regulate crypto.

Russia’s Crypto Projects

Russia is already working on a crypto project that enjoys the full support of the Russian government.

In September, Anataloy Akskakov, chairman of the Financial Stability Department of Russia, said that the country is in the process of creating a legal framework to create its national CBDC.

 

For that matter, the chairman revealed that the government of Russia will ‘adjust’ 13 laws to comply with the Russian central bank digital currency.

The entity responsible for the trials of the CBDC is the Central Bank of Russia. According to them, the digital ruble should be ready in the beginning of 2022.

Furthermore, in October, the Russian Ministry of Foreign Affairs said that the country intends to replace its dollar national reserves with cryptocurrencies.

It is safe to say that this decision is a product of political interference, as per the minister’s words. Regardless, it still shows the overall fondness of the Russian government when it comes to crypto.

That is why the comments of President Putin that cryptocurrencies come with risks does not mean that Russia rejects this technology. It can be both a personal opinion or a politically inspired idea. Only time will tell.

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