Russian
president Vladimir Putin said in a meeting today that cryptocurrencies pose
significant risks related fraud and money laundering.
Quoted by
Russian state news service TASS, Putin was speaking during a meeting that was
focused on the subject of cryptocurrencies and financial tech more broadly. In
the meeting, he formally voiced his support for new rules around cryptocurrency
trading, stating that Russia should look to international examples as a guide
when developing those regulations.
Indeed, the
meeting represents some of Putin's most comprehensive comments on the subject
to date. He first spoke about cryptocurrencies in the summer of 2015, remarking
at the time that there were "serious, really fundamental issues related to
its wider usage." In his new statements, Putin highlighted the rising
profile of the technology, while also echoing those 2015 comments.
Putin was
quoted as saying:
"Virtual [currencies] or cryptocurrencies are becoming and have already become more popular. They have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries. At the same time, use of cryptocurrencies also carries serious risks."
On the
subject of the rules themselves, Putin threw his support behind regulations
that would protect consumers and facilitate the development of new financial
products.
"We should develop such a regulatory system on the basis of international experience that will make possible to make relations in this sphere systemic, definitely protect interests of citizens, business and the government, and provide legal guarantees for work with innovative financial instruments," he said.
His
comments come after a senior official for Russia's central bank stated publicly
that his institution will support efforts to block access to external websites
that offer cryptocurrency brokering services in the country. Representatives
from the Bank of Russia were also present at the Putin meeting, according to
sources.
Source : CoinDesk
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