German Klimenko, Russian President’s high-tech adviser: crypto market is volatile due to its size

German Klimenko, who recently left his post as the head of the Internet Development Institute in Russia, decided to focus more on the Russian Association of Blockchain and Cryptocurrency, where he heads the supervisory board. He explained his decision to resign from the post of the IDI head, comparing him having several posts at once to the Soviet leader who was known to award himself with too much regalia — Leonid Brezhnev.

According to Mr. Klimenko, who seems to have a deep understanding of the current market trends, the current digital assets market consists of pioneer investors, while several years ago it consisted exclusively of geeks. The market is still underdeveloped and even depends on rumors, which is unimaginable in, say, the New York Stock Exchange. When talking about the world’s regulative practice, Klimenko was not sure that more prohibitions will come in each and every country, but, as he noted, one cannot ignore the desire of authorities to have more control.

As for the Russian legislation, the presidential adviser explained that the first issue that needs to be solved is terminology, and the draft will be ready by February 2018. “And from that point, it’s for the Duma to review it”, told Klimenko, as if not knowing that the current Russian State Duma usually does not question initiatives coming from the top.