Russian president recognizes the potential of cryptocurrencies and Blockchain

Local media in Russia broadcast a TV show in which President Vladimir Putin was speaking on crypto-currencies and Blockchain. The government is approaching the subject with caution and a strong dose of moralization, because the industry is not yet fully regulated and much research still needs to be done to answer the question of creating a digital state currency. Putin says that " the virtual state currency remains hypothetical for now. "

The question of adoption

The 16th session of "Direct Line" , a series of oral questions and answers in plenary session was held with Vladimir Putin on Thursday, June 7th. A citizen asked if Russia was considering launching its own cryptocurrency in the near future by talking to Putin, who has tried to respond sincerely in a friendly atmosphere.

Putin said:

"Cryptocurrencies are not by definition controlled by the state. They transcend national borders. Emerging technologies, in particular virtual currencies and Blockchain, are evolving on an international scale. Although Japan has a head start on digital currencies and the country is also showing adoption that goes to employee salaries , this is not necessarily the same principle in other countries, " Putin pointed out referring to Russian banks. In most countries, cryptocurrency is not a method of payment. The Central Bank of the Russian Federation considers that it can not be a means of payment, payment or a store of value. Nothing secures this currency, "he adds.

Take advantage of crypto-currencies and Blockchain

"Cryptocurrencies have no legal tender in Russia. We do not regulate them, "confessed the Russian president. "However, we treat them very carefully. "

Putin wanted to remedy this, calling for regulation of the virtual currency in the national mining sector. In addition, a series of mandates was issued last year for Russian officials.

For example, the "Digital Financial Asset" bill last May, refers to Blockchain and encryption. The third reading was approved by the Russian State Duma. Adoption of the final version is scheduled for July 2018.

This bill aims to regulate the cryptocurrency industry within Russian borders.

Russia should explore the opportunities offered by distributed registries technology and the immediate need is to ease restrictions in the financial sphere and international trade. The Blockchain could intervene with Russian financial institutions, companies and individuals to mitigate the American sanctions accentuated in recent years.

It is true that some private and government companies have been thinking of launching the "Cryptorouble"since 2015. A retroplanning was even established in January to officially put into circulation the Russian state- owned digital currency by 2019. An economic adviser close to the president also announced earlier this year that virtual currencies could ease the economic sanctions in force .

What do you think of Vladimir Putin's comments on crypto-currencies and the Blockchain? Do you think the country will launch its own cryptocurrency once it is regulated? Tell us in the comments section below.