- During the VTB Capital Investment Forum, The head of state warned that crypto assets are still a risky business.
- Russian strongman Dmitry Rogozin did not rule out a future for cryptocurrencies.
- The Bank of Russia remains opposed to the legalization of bitcoin and other cryptocurrencies as a method of payment and has proposed legal liability for their use.
- In an effort to combat corruption in government, the Kremlin has been taking action against officials holding cryptocurrency.
Another statement regarding cryptocurrencies was made by Russian President Vladimir Putin. During the VTB Capital Investment Forum 2021. The head of state warned that crypto assets are still a risky business. According to Life.ru, Putin explained: “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.”
Russian strongman Dmitry Rogozin did not rule out a future for cryptocurrencies. Adding to this, he noted that now is the time to closely monitor the progress of the entire process. In the Russian Federation, cryptocurrency regulation is not yet comprehensive. Although the law “On Digital Financial Assets,” which went into force in January, clarifies some aspects of virtual coins and some of their related activities, such as their issuance, there are still many aspects such as mining and taxation that require regulation through legislation.
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The Bank of Russia remains opposed to the legalization of bitcoin and other cryptocurrencies as a method of payment and has proposed legal liability for their use. The press secretary for Russian President Vladimir Putin, Dmitry Peskov, also took a hard stance on the matter in September, saying that Russia has no reason to recognize bitcoin as legal tender and isn’t ready to do so.It is not the first time this year that Putin has spoken about cryptocurrencies.
In an interview with CNBC this past October, Dr. Chang revealed that oil trade settlements could one day be based on decentralized digital money, although he noted that it is still too early for that to be the case. According to him, the United States is undermining its own currency, and settlements denominated in dollars are declining, while dollar reserves are dwindling. In an effort to combat corruption in government, the Kremlin has been taking action against officials holding cryptocurrency. President Putin signed a decree in August instructing several ministries and the central bank to check the declarations filed by government employees about their digital assets.
