With the constant discussion of nations and central banks issuing their own cryptocurrencies, Russian President, Vladimir Putin recently dissipated any rumor by clarifying that,

“digital currencies are a phenomenon that is just developing”

Putin added that,

“Russia can not have their own cryptocurrency, just as no other territory should have it, because when we speak of digital currencies, this is because it is an
issue that goes beyond the borders of the nation and not inherent in our
jurisdiction. […] The Central Bank believes that cryptocurrencies can not be means of payment and liquidation, can not be a means of accumulation and are not guaranteed by anything. That is why our approach must be cautious during this period. “

Although not entirely wrong, considering the measures that are evaluated, and which
will be imposed by international bodies, such as the European Union, for example.  However, the comments contradict all of the announcements that took place in October
2017 and January 2018, in which Putin himself, ordered that the Ministry of Finance to
establish measures for the launch, exchange, investments and storage of cryptocurrencies in the Russian territory.

In spite of everything, there is no doubt that, although there is some uncertainty and
opinions that contradict, for the authorities in Russia, cryptocurrencies are a “phenomenon” that could contribute to the development and growth of different sectors of the country in the future.

 

by Samuel Paz

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