Vladimir Putin: Russia can’t have its own cryptocurrency, as well as any other country

Russian President Vladimir Putin has answered to an inquiry regarding the potential state digital currency in Russia. As he said, Russia cannot issue its own cryptocurrency on the state level, as well as any other state.

He has additionally reminded the Russian Central Bank position: cryptocurrencies are backed by nothing and they are not a legal tender in the Russian Federation. While telling about this restriction, Mr. Putin has made it clear that the work of the state with the sphere must be careful and cautious. He has additionally implied that digital currencies could help to “evade different restrictions in the sphere of international financial activities”.

This has happened at the annual presidential Q&A session Direct Line broadcasted by the key TV channels of Russia, which is undoubtedly going to raise the awareness of the population about this economic issue.

Previously, Vladimir Putin has ordered to develop laws on digital currency - which the Parliament successfully did, although local experts note several flaws of the legislation. Digital currencies are viewed as assets, ICO entrepreneurs must have a clear business plan, crypto exchanges have to enter a state whitelist in order to legally work in the country.

Image: TASS