Vladimir Putin Says Cryptocurrencies Are “High Risks”

On Tuesday, Vladimir Putin, President of the Russian Federation, expressed his criticism of the state of the criticism at the “Russian Calling” investment forum in Moscow. According to the local news agency slow.ru, the president made the following comments, translated by Cointelegraph:

“It is not supported by anything [y] The volatility is enormous, so the risks are very high. We also believe that we have to listen to those who speak of these high risks. “

Putin called for greater surveillance and regulation of cryptocurrencies, noting that certain countries around the world are seeing significant digital currency adoption. Currently, the regulation of cryptocurrencies in Russia is still in its infancy. Although the government is considering the introduction of a central bank digital currency, at least eight federal laws and five statutes must be changed for the digital ruble to take effect.

Also, there are no cryptocurrency mining regulations in the country. This has led some to claim that Russia is generating $ 2 billion in crypto mining revenue annually, but no taxes are paid on it. Due to the lack of a regulatory framework, the use of cryptocurrencies among ordinary Russians has exploded, with transactions exceeding $ 5 billion a year.

Vladimir Putin Says Cryptocurrencies Are “High Risks”
Vladimir Putin Says Cryptocurrencies Are “High Risks”

In other parts of the former Soviet Union Cryptocurrencies are also rapidly gaining ground. Kazakhstan is the world’s largest bitcoin miner (BTC) by hash rate, and its president is trying to collect more taxes on such activities to help fund the country’s spending.. In Ukraine, the government is actively promoting legal cryptocurrency operations. Last year, the city of Olsztyn in Poland started implementing the Ethereum (ETH) blockchain for emergency services.

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