The president of Rusia, Vladimir Putin, thinks that in the future, legislation will be needed for the cryptocurrency market.
On January 11th, according to a report from Russian news agency TASS, Putin said that the legislation will be definitely required in the future. He stated:
“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.”
Mr Putin added:
“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. It can be a settlement medium to a certain degree and in certain situations. This is done quickly and efficiently.”
Mr Putin’s comments, who previously met with the creater of Ethereum – Vitalik Buterin, are in contradiction with what the Russian prime minister, Dimitry Medvedev, thinks about the cryptocurrency market. Despite this, Medvedev declared that if the use of Blockchain technology is becoming more popular, regulations would indeed be needed. He explained:
“Cryptocurrencies can also disappear in an exactly the same way in several years and the technology being the basis for their development – blockchain – will become part of everyday reality.”
It seems that Russia will finally regulate the cryptocurrency market starting next month. The information comes from Alexei Moiseev, the senior lawmaker Deputy Finance Minister who offered the new timeline to reporters last week.