Putin: Cryptocurrency Has Its Place, No State Can Have Own Crypto

Cryptocurrency has its place in the world and Russia should carefully consider when and how to take part in the process of its development, Vladimir Putin said in his annual Q&A session with Russian citizens. The president noted that “by definition” neither Russia, nor any other country could have a national cryptocurrency. Putin also mentioned the saga around Telegram, in the light of seeking “civilized” decisions.

Cows and Cryptocurrencies

From potholes to spaceports, the Direct Line with Vladimir Putin usually covers it all. It is hard to imagine there is absolutely no preparation or plot behind the scenes, but one has to admit – four hours of questions can be a grueling challenge for anyone’s concentration and intellectual power.

Putin sounds adequate on just about any topic, and almost all the time. Well, this year he was unprepared to answer at least one question: “Why is cow meat called ‘beef’?” To his credit, the deputy prime minister for agriculture, Alexey Gordeyev, didn’t know the answer either…

This year’s program aired in a redesigned format, touched a bit here and there. And, as with any “rationalization” in a former Soviet, Slavic country, the change was met with a proper dose of criticism.

As a new feature of the 2018 “Direct Line” – bloggers and vloggers were allowed to ask questions on behalf of their followers. This is how cryptocurrency came into the spotlight, and this time the president was abreast of developments.

No National Crypto, ‘by Definition’

Vlogger Artiom Khokholikov tested Putin with a couple of questions that “all youngsters are interested in” – will Russia have its own cryptocurrency, and if, will it be controlled by the state? Also – does the president think that in the near future cryptocurrency will replace completely the standard fiat money?

Starting with the cryptoruble topic, Putin remarked the question was somewhat incorrect. Neither Russia, nor any other country can have their own crypto, “by definition,” he educated the nation. “If we talk about cryptocurrency – this is something that goes beyond national borders,” explained the president.

Ticking another box, Putin mentioned the “so called mining,” which, as he pointed out, is not regulated in Russia. The situation, however, will change soon with the adoption of the new legislation currently under review in the Duma. Then he emphasized authorities in Moscow have a very “accurate” attitude towards the whole crypto subject…

Read Full: Putin: Cryptocurrency Has Its Place, No State Can Have Own Crypto