Vladimir Putin says cryptocurrency “takes high risks”

On Tuesday, President of the Russian Federation Vladimir Putin expressed his criticism of the current state of the critics at the “Russian Calling” investment forum in Moscow. according to The President made the following comment on the local news media lenta.ru, translated by Cointelegraph:

“It doesn’t have any support, [and] The volatility is high, so the risk is very high. We also believe that we need to listen to those who talk about high risks. “

Putin called for strengthening the monitoring and supervision of cryptocurrencies, and pointed out that certain countries around the world are adopting a large number of digital currencies. Currently, cryptocurrency regulation is still in its infancy in Russia.Although the government is considering launching a central bank digital currency, there are at least eight federal laws and five legislative codes Must change Put the digital ruble into effect.

In addition, the country has no regulations on cryptocurrency mining.This has led some people to claim $2 billion in crypto mining revenue Produced in Russia every year, but does not pay taxes.Due to the lack of a regulatory framework, the use of cryptocurrencies among ordinary Russians has surged and transactions More than 5 billion U.S. dollars per year.

In other parts of the former Soviet Union, cryptocurrencies are also rapidly gaining attention. Kazakhstan has become the largest Bitcoin in the world (Bitcoin) According to the hash rate of the miner, its president is Seek to collect more taxes Funding the country’s expenditures from these activities.In Ukraine, the government actively encourages Legal encryption operation. last year, Olsztyn, Poland, started to adopt Ethereum (Ethereum) Blockchain for emergency services.