Home cryptocurency Direct Line with Vladimir Putin; Russian President Bares Cryptocurrency

Direct Line with Vladimir Putin; Russian President Bares Cryptocurrency

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Russian President Vladimir Putin said a lot in his annual Q&A session with the states citizens. This year’s program of ‘Direct Line with Vladimir Putin’ covers it all.

In this year’s 2018 “Direct Line” program, a new feature was introduced – bloggers and vloggers were allowed to ask questions on behalf of their followers. This is how cryptocurrency came into the spotlight, and this time the president was abreast of developments.

Artiom Khokholikov who is a Vlogger tested Putin with a couple of questions that “all youngsters are interested in” – will Russia have its own cryptocurrency, and if, will it be controlled by the state? Also – does the president think that in the near future cryptocurrency will replace completely the standard fiat money?

The Russian President started the answering of that question with the ‘Cryptoruble’ issues. Pointing that the question was somewhat incorrect. Neither Russia, nor any other country can have their own crypto, “by definition,” he educated the nation. “If we talk about cryptocurrency – this is something that goes beyond national borders,” explained the president.

Ticking another box, Putin mentioned the “so called mining,” which, as he pointed out, is not regulated in Russia. The situation, however, will change soon with the adoption of the new legislation currently under review in the Duma. Then he emphasized authorities in Moscow have a very “accurate” attitude towards the whole crypto subject.

The president went on to remind of the official position of Russia’s Central Bank that cryptocurrencies cannot be a means of payment or saving, and that digital money is not backed by anything. That means, he stressed, that “We have to treat this very accurately and carefully.”

“Nevertheless”, Putin changed the tone, “such phenomenon has its place in the world, it is developing! We have to carefully analyze, watch what’s going on, and see at what stage and how we can participate in this process and use it, including by the way, to avoid any restrictions in the sphere of international financial activity.”

What do you think about Putin tactical answer to Artiom Khokholikov question?

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