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Vladimir Putin recalled ‘high risks’ of cryptocurrencies

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The President of the Russian Federation Vladimir Putin touched on the topic of digital currencies at the plenary session of the investment forum “Russia is Calling”. Local news website lenta.ru reported this.

According to the head of state, the crypto market currently carries serious risks.

“As for cryptocurrency, it is banned in some countries. It is not secured by anything, the volatility is high, the risks are high. I also believe that we need to listen to those who talk about high risks,” Putin said.

The Russian president did not rule out that there may be a future for digital assets. On the other hand, he pointed out that cryptocurrencies have become increasingly used in some countries. Perhaps there is a future behind the cryptocurrency and it is necessary to closely monitor its development.

The President highlighted potential use cases for cryptocurrency

Recall that in October, Vladimir Putin in an interview with CNBC, following a plenary session of the Russian Energy Week summit; highlighted potential use cases for cryptocurrency. Putin noted that private cryptocurrencies “may operate as a unit of account”. But they are “extremely unstable”, according to the entire interview transcript posted on the Kremlin’s official website.

“Cryptocurrency oil contracts?” you might wonder. It’s too early to discuss it. It works for transferring monies from one location to another, but it is still premature in terms of trading. Particularly when it comes to energy resources, in my opinion,” the president stressed.

Putin continued by stating that “everything evolves” and that “everything has the right to exist”. While also stating that the Russian government is keeping a careful eye on the cryptocurrency market. He also did not rule out the idea that cryptocurrencies may become a “method of accumulation” at some time. “We keep an eye on this stock market. Putin said, “It’s a little early today.”

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