Vladimir Putin Confirms Russia Has ‘No Business With Cryptocurrencies'

Vladimir Putin Confirms Russia is Not Interested in Developing a National Cryptocurrency

Russian President, Vladimir Putin, said and confirmed that his country is not interested in developing a national virtual currency, as it was mentioned during the last years. In the past, it was heavily discussed in the crypto community that Russia wanted to issue the so called ‘CryptoRuble.’

Good Bye CryptoRuble’s Dream

But why would Russia create a digital currency? Well, the main purpose, according to older reports, was to avoid financial sanctions imposed by western countries including the United States and the European Union (EU).

While talking with Russian Citizens, Mr. Putin stated that the country has ‘no business with cryptocurrencies’ and it will not be creating a digital version of the ruble. He was speaking during a TV program that is televised to all the country and people can ask questions about different aspects of the government or politics.

An interesting question has been asked by Artem Khokholikov, an important blogger in the country, that said:

“Will Russia have its own cryptocurrency? […] Will it be controlled by the government? […] Do you see cryptocurrency replacing our regular standard money in the near future?”

Of course, most of the virtual currencies are decentralized. But a national currency would have to be controlled by a financial authority. This is why Putin stated that it is ‘impossible to launch’ because they are not centralized.

At the same time, he compared the situation in Japan, where Bitcoin is legal, to other countries, saying that the same policy applied there would not work in other nations, including Russia.

Putin Explained About This:

“The relationship of the Central Bank of the Russian Federation to cryptocurrency [is that] it sees cryptocurrency as neither a means of payment nor a store of value. Digital currencies are not backed by anything. One should treat it cautiously, carefully.”

Additionally, he said that Russia will be following virtual currencies very closely and how they will progress all over the world. Other countries, including the United States, are also analyzing the crypto market to know whether ICOs and other digital assets should be considered currencies, commodities or securities.

Other nations such as Malta or Switzerland, have been embracing virtual currencies and blockchain technology. They have special zones for crypto-related investments and see cryptocurrencies with good eyes.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,482FansLike
2,795FollowersFollow
4,266FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Investors With Low Financial Literacy Are Twice As Likely to Own Crypto vs Market Gurus: Bank of Canada Report

A new study released by the Bank of Canada has revealed that folks with lower financial literacy are more likely to own Bitcoin than...

Love it or Hate it, UNI Token Stands to Benefit from Uniswap’s Evolution

After releasing the UNI token as part of Uniswap V3, the first update for Uniswap V3 has been made on Github. It might say...

Israeli Draft Bill Proposes Bitcoin be Defined as Currency to Cut Down the Hefty Capital Gain Tax

Four members of the Knesset, Israel’s legislative body, from the Yisrael Beiteinu faction, the secular nationalist political party, have submitted a private member’s bill...

TRON Partners With BitGo To Mint New Wrapped Bitcoin And Ethereum Tokens On Its Blockchain

TRON launches wrapped Bitcoin and Ethereum on its blockchain. The blockchain aims at taking over the raging DeFi market. Tron announced a partnership with...

More Urgent than Ever – Ethereum Layer 2 Solution Goes in its First Phase of Testnet Launch

Ethereum layer 2 solution Optimism is welcoming the first phase of the Optimistic Ethereum Testnet. This development has become a necessity of the market thanks...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today