The head of the Chechen Republic, Ramzan Kadyrov, has admitted to buying a fraction of a Bitcoin, stating he is looking forward to following its price.
Chechen Leader Buys ‘A Fraction’ of a Bitcoin
The head of the Chechen Republic, Ramzan Kadyrov, revealed to the Russian press that he purchased a “fraction” of a bitcoin. He also acknowledged that he is interested in keeping tabs on the cryptocurrency’s progress.
“I already said that blockchain technology will be introduced in the Chechen republic,” Kadyrov wrote on his Telegram on Saturday. He continued:
I am also interested in innovative payment networks. I decided to buy a fraction of a bitcoin so I can follow the progress of cryptocurrency.
The former member of the Chechen independence movement also noted that there is no guarantee of profits when buying cryptocurrencies, rightly pointing out that the fledgling industry is rife with fraud.
“However, I still believe that this industry must be strictly regulated by law, but not prohibited. It is important that we protect citizens from pyramid schemes and other types of financial fraud,” Kadyrov said. He then added:
One must constantly evolve in a constantly evolving world of technology in order to keep up with the innovation and not be left behind.
The Chechen leader appears to be on the same page as his counterpart Russian President, Vladimir Putin, when it comes to approaching cryptocurrencies, who both maintain that Bitcoin technology should not be prohibited but regulated by the country’s central bank.
“[Bitcoin] can be a settlement medium to a certain degree and in certain situations. This is done quickly and efficiently,” Putin told Russian news agency TAAS last month. “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,” he noted.
Wait, Isn’t Bitcoin Haram?
The Chechen Republic is a federal subject of Russia. It is located in the North Caucasus, situated in the southernmost part of Eastern Europe. Islam is the predominant religion in Chechnya, practiced by 95% of the population, according to a 2010 poll…