ICO Daily (11 Oct): Putin Takes Action Against Cryptocurrency

Putin Takes Action Against Cryptocurrency

Russian Government-owned media channels report that Vladimir Putin made a decision to take action against cryptocurrencies, and Bitcoin in particular. The media reports that Putin claims cryptocurrencies could be used to finance terrorism, evade taxes, and launder money. Also, in his opinion, Bitcoin is a pyramid scheme.

The government-owned RT quotes Putin:

“Opportunities to launder funds acquired through criminal activities, tax evasion, even terrorism financing, as well as the spread of fraud schemes.”

When Putin blamed Bitcoin for the majority of Russia’s criminal problems, the central bank to his side, and stated that digital currencies are a pyramid scheme:

“We have seen how Bitcoin has transformed a payment unit into an asset, which is bought in order to obtain a high yield in a short period of time. This is the definition of a pyramid.”

A couple of years ago, they wanted to regulate Bitcoin because prices were falling and scaring the investors away. Now, the raising price sparked serious concerns.

One of the strangest thing is what the Finance Minister Anton Siluanov said:

“There is no sense banning [digital currencies], there is a need to regulate them.”

Russia’s deputy finance minister Alexey Moiseev expressed his opinion on Bitcoin by saying that it’s a pyramid scheme and insisted on allowing only qualified investors to buy Bitcoin, instead of regular people.

On the other hand, putting all the negative information to the side, Vladimir Putin stressed the importance to not “build up unnecessary barriers” for new technologies. After outlining the risks associated with cryptocurrency, Putin emphasized the need for regulations. He cited that a number of countries are already working on building a legislative framework for digital currencies. Putin asserted that  “We need to build a regulatory environment that will make it possible to codify relations in this sphere, reliably protect the interests of citizens, business, and the state and provide legal guarantees for using innovative financial instruments”. At the end, he also said:

“It is important not to create unnecessary barriers, of course, but rather to provide essential conditions for advancing and upgrading the national financial system.”

According to Cointelegraph, the Bank of Russia plans to regulate Bitcoin exchanges in the country. Despite the negativity in Russia, Bitcoin continues climbing and has almost reached the $5000 price tag.

 

Today’s Reading List:

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