Russian President Vladimir Putin criticized the cryptocurrency and stressed that the risks of using it are too great, because it is not backed by anything. The president made such a statement at the Russia Calling Investment Forum, RIA Novosti reports.
However, according to the Russian leader, the future may be behind the cryptocurrency and its development should be closely monitored. “It is not backed by anything, the volatility is colossal, so the risks are very high. We also believe that we need to listen to those who talk about those big risks, ”he said. On the other hand, the president indicated that cryptocurrencies are increasingly being used in some countries.
Earlier, when assessing the future of crypto, Putin said that in the future they could become a store of value. In 2020, the president signed the law on digital financial assets (DFA) and digital currency, under which it is possible to conduct transactions with cryptocurrencies from 2021, but it is prohibited to use them as a means of payment. At the same time, CFA can become an object of pledge and purchase and sale transactions.
In November 2021, the Prosecutor General’s Office of Russia proposed recognizing cryptocurrency and other virtual assets as property that falls within the framework of the Criminal Code. According to Prosecutor General Igor Krasnov, in Russia there are more and more crimes committed with the use of modern financial technologies. He is sure that gaps in the legal regulation of the crypto market contribute to the increase in their number. According to analysts, if the bill is passed, it could lead to an outflow of business.
