By Larry Wright
Just like many other parts of the world, cryptocurrencies are also gaining considerable popularity in Russia. Many Russian citizens want to invest in the digital assets markets to safeguard themselves from inflation and the effects of money devaluation. However, the digital assets market has been attracting a lot of pushback from the state watchdogs and financial regulations all over the globe.
Among this chaos, Russian President Vladimir has shared some good news with the cryptocurrency enthusiasts for the region. Putin recently issued an official statement that signals a greater acceptance of digital currency trading. Speaking to the journalists at CNBC, Putin claimed that cryptocurrencies, in general, are a viable mode of payment.
In a recent interview, Russian President Vladimir Putin shared a very positive outlook on the matter of crypto regulations and trading. He claimed that the digital asset market has a right to exist and contribute to the economy. He further explained that it does not seem like a big issue if the business community would like to start accepting crypto payments against their products and services.
However, he added caution to his statement claiming that digital asset payments are still not secure enough for state-level transactions. It is worth noting that Russia depends on big industries like oil exports and other commodities to generate revenue. As per Putin, digital tokens are still far away from being used in national trade transactions.
Countless countries in the world are waking up to the realization of the rapidly increasing popularity of cryptocurrency trading. Most of the state governments are emphasizing imposing a ban or limitation on this industry due to the possibility of money laundering and other financial crimes.
Bank of Russia has Warned Customers Against Crypto
In the same manner, the Bank of Russia has been issuing regular warnings to their customers to discourage them from using cryptocurrencies. The central banking management has communicated that digital currency trading is bound with high volatility. It is worth noting that the government of Russia has been looking for dollar alternatives after the 2014 Crimea annexation incident. President Putin has also accused the US government of using the dollar as a weapon on several occasions.