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Russian Prime Minister warns: Bitcoin and other cryptocurrencies should not be written off


According to local media company TASS, Russian Prime Minister Dmitri Medvedev addressed the falling prices of Bitcoin and other cryptocurrencies in a speech at the Gaidar International Scientific Forum.

Russian Prime Minister warns to write off Bitcoin

Last Tuesday, Medvedev emphasized that it was important to carefully monitor the situation of Bitcoin and other cryptocurrencies. Their volatility is a matter of concern, but technology should not be denied its benefits.

Regarding the extreme volatility of Bitcoin and Altcoins in 2018, the Prime Minister and former President said:

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But of course that's no reason to bury them [cryptocurrencies]. Here, as in every company, every market, every social phenomenon, there are both bright and dark sides. And we should watch closely what happens to them.

Medvedev went on to discuss protectionism, social inequalities and scale of global digital transformation. He said the cryptocurrency situation is one of those global challenges.

Russia invests in Bitcoin?

The statements came directly after the rumor that Russia plans to buy Bitcoin on a large scale , Numerous media exaggerated in their coverage that Russia would buy Bitcoin worth $ 10 billion. The story came from a tweet from a Russian economist on Twitter.

Russian economist Vladislav Ginko, president of the National Academy of Economics and Public Administration recently issued a statement. He believes Russia could use Bitcoin to hedge sanctions. While it is possible that Russia will eventually use Bitcoin as a hedge, there is no official government statement underpinning it.

Russia will regulate bitcoin and other cryptocurrencies

According to TASS, Russia prepare a law to establish crypto-currency rules in the next two months. The State Duma (Lower House of the Russian Parliament) will draft a bill in January or February to regulate ICOs and other crypto-crowdfunding under the management of digital assets. As you can see, this law will deal mainly with ICOs and possibly less with crypto trading in general.

The Head of the State Duma Financial Market Committee, Anatoly Aksakov, said on 14 January:

The long-awaited law on digital financial assets is ready for approval in the GPU […]

It is related to two other laws: the law regulating investment platforms or crowdfunding and amendments to the civil Code. We agreed that the Law on Digital Financial Assets should be adopted together with these two legislative acts […]. According to the information that I have, this is between January and February. Most likely in February. The decision on all three legislative proposals should be positive.

Source: Wikipedia By government.ru

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/russischer-premier-warnt-bitcoin-and-other-cryptowae-should-not-about-dated/

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