Putin: cryptocurrency is backed by nothing

Russian President Vladimir Putin does not rule out the emergence of cryptocurrency legislation. At the same time, the head of state noted that this activity is the prerogative of the Central Bank.

According to Putin, the regulator has sufficient powers. The president pointed out that the Central Bank of Russia holds a restrained policy towards cryptocurrency.

"The Central Bank and the government have repeatedly brought forward their views on this issue. The Central Bank has a conservative position", Putin said.

According to the president, the conservative line of the regulator has grounds. The head of state noted that cryptocurrency is backed by nothing.

"It is known that there is nothing behind cryptocurrency, it can not be a means of accumulation, there are no material values ​​behind it, it is not provided with anything, it only can be considered as a medium of exchange to a certain extent. This is done quickly and effectively", the president said.

Putin also drew attention to sharp fluctuations in the exchange rate. The president warned that digital money could make a rich person poor in a very short time.

"They jump up and down. Today you invest everything you have, get rich, and lose it all tomorrow", the head of state said.

In October last year, Putin ordered the government and the Central Bank to introduce changes to the legislation aimed at regulating cryptocurrency sector, as well as new digital technologies.