Russian President Vladimir Putin has once again outlined his view that legislation outlining rules for cryptocurrency trades will be needed in the future.
According to media house TASS, President Vladimir Putin has once again iterated his view that greater cryptocurrency legislation is needed – ahead of the expected first draft of Russian digital currency regulations next month.
Speaking on January 11th, Putin elaborated that rules for the country’s cryptocurrency sector will be required in the near future – quipping that “This is the prerogative of the central bank at present and the central bank has sufficient authority so far. However, in broad terms, legislative regulation will be definitely required in future.” Read: Germany’s central bank pushes for global cryptocurrency regulation
Putin continued to elaborate that despite his skepticism of cryptocurrency, he does see utility in the blockchain – offering that “It is known that the cryptocurrency is not backed by anything. It cannot be a store of value. No material valuables are behind it and it is not secured by anything…” before continuing to say that “It can be a settlement medium to a certain degree and in certain situations. This is done quickly and efficiently.”
Putin recently issued a sweeping condemnation of digital currencies, in which the statesman described Bitcoin as a pyramid scheme, commenting that “We have seen how Bitcoin has transformed a payment unit into an asset, which is bought in order to obtain a high yield in a short period of time. This is the definition of a pyramid.”
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