Putin Tells Central Bank Not to Create Unnecessary Barriers to Cryptocurrencies

Putin’s Meeting
Russia’s president Vladimir Putin held a meeting “on the use of digital technology in finance and the implementation of innovative financial tools” on Tuesday, according to the Kremlin’s website. The meeting was attended by Presidential Aide Andrei Belousov, Finance Minister Anton Siluanov, Central Bank Governor Elvira Nabiullina, Central Bank Deputy Governor Olga Skorobogatova and Qiwi CEO Sergei Solonin.

Putin on Cryptocurrencies, Outlining Risks
Before the meeting started, the president of Russia gave a brief introduction on cryptocurrencies. “As is known, virtual currencies, also known as cryptocurrencies, are becoming or have already become very popular,” he began. “In certain countries, they are becoming or have already become legal tender, as well as an investment asset,” Putin continued, adding that:He then pointed out some risks associated with using cryptocurrencies, stating that “the use of cryptocurrencies also carries serious risks. I know the central bank’s position; I have discussed this topic with the Governor on several occasions.” He elaborated:I would like to draw your attention to the need to use the advantages that are offered by new technological solutions in the banking sphere.
Furthermore, Putin emphasized the lack of security for cryptocurrencies. “If the system breaks down or, as it is trendy to say today, if there is a bubble, there will be no entity legally responsible for that. This is a serious matter that we should bear in mind when discussing this topic,” he described.First and foremost, this is an opportunity for laundering illegal gains, tax evasion and even financing of terrorism, not to mention the proliferation of scams to which ordinary people can fall victim. Cryptocurrencies are issued by an unrestricted circle of anonymous entities. Therefore, buyers of cryptocurrencies may be involved in illegal activity.
Do Not Create ‘Unnecessary Barriers’

In June, Putin met with Ethereum founder Vitalik Buterin and briefly discussed the possibility of using Ethereum within the Russian government. The Russian President has been a proponent of new technologies. According to First Deputy Prime Minister Igor Shuvalov, Putin understands that hi-tech and the digital economy spur growth rates, adding that “it is not an overstatement to say that the president is passionately fond of it.” What do you think of Putin’s suggestions to the regulators? Do you think the central bank will still create barriers to cryptocurrencies? Let us know in the comments section below.It is important not to create unnecessary barriers, of course, but rather to provide essential conditions for advancing and upgrading the national financial system.
Images courtesy of Shutterstock and Kremlin’s website.
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Anton Siluanov Central Bank Digital Currency Finance Minister finance ministry illegal gains Money Laundering N-Economy Olga Skorobogatova President QIWI Regulation Russia russian tax evasion Vladimir Putin