Cryptocurrency supply reined in by Putin in Russian Federation

Pauline Gross
October 12, 2017

As the cryptocurrencies "are issued by an unlimited number of anonymous sources", in case of any problems, including "system malfunctions" or the emergence of currency bubbles, there will be no one liable, warned the president.

Siluanov's deputy Alexei Moiseev said on Wednesday that Russia's Federal Tax Service could also be involved as Moscow wants to collect taxes from those who mine cryptocurrencies.

According to Putin, the risks include fraud schemes that prey on ordinary citizens.

"We need to take the worldwide experience as the basis and build a regulatory environment that would allow us to systematize relations in the field, protect the interests of citizens, businesses and the state, and provide legal guarantees for working with innovative financial tools", concluded President Putin. He noted that it is necessary to institute the circulation of cryptocurrencies in Russian Federation and at the same time not to create unnecessary barriers.

"Relying on the worldwide experience, we should build a regulatory environment to systematize relations in this sphere and protect, of course, interests of our citizens, businesses and the state, to provide legal guarantees to work with innovative financial instruments".

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However, Putin said digital money lacks transparency.

The Russian government has made a decision to officially regulate the mining and circulation of cryptocurrencies.

"We have a friend, you might know him, it is a dog alabai".

The chairwoman of the Central Bank of the Russian Federation, Elvira Nabiullina, spoke against the legalization of crypto-currencies on September 14, having called them a financial pyramid that may collapse at any moment.

Other reports by GizPress

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