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Russian President Vladimir Putin considers the cryptocurrency to be a serious risk

Russian President Vladimir Putin said at a meeting that cryptocurrencies created serious risks associated with fraud and money laundering.

11.Oct.17 1:27 AM
By Daria Zaytseva


Russian President Vladimir Putin considers the cryptocurrency to be a serious risk

According to TASS, Putin spoke during a meeting that was more focused on the topic of cryptocurrencies and financial technologies. At the meeting, he officially expressed support for the new rules in the field of trading cryptocurrencies, saying that Russia should look for international examples as a guide in developing those rules.

Indeed, the meeting presents some of Putin's most comprehensive comments on this issue to date. He first talked about cryptocurrencies in the summer of 2015, noting at the time that there are "serious, really fundamental problems associated with its wider use."

Putin noted that cryptocurrencies have become more popular, it had have already become a full-fledged payment instrument and an investment asset in some countries. At the same time, the use of cryptocurrencies is also fraught with serious risks.

As for the rules themselves, Putin supported regulations that would protect consumers and encourage the development of new financial products.

His comments come after a high-ranking official of the central bank of Russia stated publicly that his organization will support efforts to block access to external websites that offer cryptocurrency brokering services in the country. According to sources, representatives of the Bank of Russia were also present at the Putin meeting.

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