Digital Currency Oversight Legislation Will Be Needed in Russia

Russian president, Vladimir Putin, believes that regulation laying out guidelines for the Russia’s digital currency area will be needed within the future. In line with a report from Russian news source – TASS, on January 11 Vladimir Putin stated that legislation would be actually required in nearest future on this front.

Vladimir Putin said:

“This is the prerogative of the central bank at present and the central bank has enough authority thus far. All in all, in broad terms, legislative regulation will be actually required in future.”

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The information source quoted the Russian president voicing the dangers and possibilities concerned with digital currencies.

Vladimir Putin also noted:

“It is regarded that the digital currency isn’t backed by something. It can’t be a store of value. No property valuables are at the back of it and it isn’t secured by anything. It may be a settlement medium to a certain degree and in certain situations. This is accomplished fast and effectively.”

That seeming degree of assist coming from a person who months previous met with Vitalik Buterin, the author of ethereum, was at odds with quoted feedback by Russian prime minister Dimitry Medvedev. According to TASS, Dimitry Medvedev mentioned that such an eventuality could arise, particularly if blockchain becomes more extensively used.

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Dimitry Medvedev stated:

“Digital currencies also can disappear in almost the same manner in several years and the technology being the basis for their development – blockchain – will become a part of ordinary reality.”

Russia’s long-awaited digital currency regulation is stated to be coming subsequent month. In its report on Putin’s comments, TASS quoted senior lawmaker Deputy Finance Minister Alexei Moiseev, who provided the new timeline to journalists last week.

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