Russian President Vladimir Putin has declared his intentions to enact laws that will comprehensively regulate the cryptocurrency markets very soon.
Crypto Legislation on the Cards
The no-nonsense Russian president Vladimir Putin has made it clear that his regime is not ready for half-baked crypto regulations going forward. Putin is of the opinion that the complete management of the Bitcoin and altcoin ecosystem is a load too heavy for the Central bank to carry alone.
Therefore, his administration will lend the apex bank a helping hand in entirely regulating Bitcoin and other cryptocurrencies.
Russia’s number one citizen told Tass Media that “This is the prerogative of the Central Bank at present and the Central Bank has sufficient authority so far. However, in broad terms, legislative regulation will be definitely required in future.”
The president has expressed his fears concerning cryptocurrencies. He said the volatile nature of digital assets makes it imperative to be wholly regulated to cushion the risks inherent in virtual currency trading for the Russian citizens. He explained that:
“It is known that the cryptocurrency is not backed by anything. It cannot be a store of value. No material valuables are behind it, and it is not secured by anything. It can be a settlement medium to a certain degree and in certain situations. This is done quickly and efficiently.”The head of State opined that cryptocurrency-based investments share the same risk levels with investment in shared-equity construction. In his words:
“We cannot afford a recurrence with the cryptocurrency as it happened with deceived equity construction investors. If we regulate and, furthermore, [then] the state will be responsible for the grave situation the people may face.”