The President of Russia Vladimir Putin: “Russia Can Not Have Its Own Cryptocurrency”

Another “

Direct Line with Vladimir Putin

” was held yesterday, on the 7th of June. This is a major question-and-answer event which usually lasts for about 4 hours. During the line any citizen of the country can ask and submit a question to the President, and he will answer as many as possible in a live stream. The line was shown by the most popular Russian TV channels.

Although, most of the questions are usually connected with the quality of life, high prices, lack of medical institutions and so on, Russia’s leader, Vladimir Putin, was asked a couple of questions about his attitude towards cryptocurrencies, the possibilities of their implementation into the financial system of Russian Federation or even creating a national cryptocurrency. The questions came from a Russian blogger

Artyom Kholikov.

Addressing the issue of possible creation of national cryptocurrency, Putin

said

the following:

“ Russia cannot have its own cryptocurrency by definition; no country can, because if we are talking about cryptocurrency, this is something that transcends national boundaries . ”

He added that the country needs to handle this issue with care, since cryptocurrencies are not backed up by anything and are not considered legal means of payments in most of the countries. According to him, the Central Bank does not find cryptocurrencies trustworthy. However, the President believes that financial experts should analyze the issue thoroughly, as it is quickly developing all over the world.

As for blockchain, Putin said that this innovative technology will be researched and the way to implement it into governmental systems will soon be found.

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