Vladimir Putin concerns cryptocurrency a ‘Serious Risk’

Recently, in a meeting Vladimir Putin Russian president said that cryptocurrencies pose substantial risks related money laundering and fraud.

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During Russian state news services TASS, Putin was speaking in a meeting which was mainly on cryptocurrencies and financial tech. Therefore, he supported for the new rules around cryptocurrency trading. However, stating that Russia must look to international instances as a guide when adopting those regulations.

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”.

However, Putin was more attentive on the regulations which would protect consumers and facilitate the development of new financial products.

Related Coverage: Strike against cryptocurrency by Russia’s Central Bank

He said,

“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”.

According to sources, after a senior official for Russia’s central bank his comments stated publicly that his firm will support efforts to block access to external websites that offer cryptocurrency brokering services in the country.

Read Next: Finance Minister: Russia to regulate Bitcoin Market

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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