Russia\u2019s president Vladimir Putin has stated that introduction of digital technologies in finance shall be subject to a thorough discussion to avoid cryptocurrency-related risks.<\/p>\n
Speaking at a meeting in Sochi, Putin noted that he was aware of the Central Bank\u2019s cautious stance in regard of cryptocurrency regulation.<\/p>\n
\u201cIn some countries, cryptocurrencies are becoming a full-fledged means of payment and an investment asset. Still, utilization of cryptocurrency involves notable risks. First of all, it\u2019s money laundering, tax evasion, terrorism financing, and, of course, fraud that can affect average people,\u201d <\/strong>he stated.<\/p><\/blockquote>\n
Mr. Putin also expressed his concerns stemming from the unlimited number of anonymous entities that issue cryptocurrencies that lack any backing.<\/p>\n
\u201cIn case of some system failure, or, as they say these days, a bubble, there won\u2019t be anyone held legally liable. It\u2019s an important thing we should heed while discussing this matter,\u201d <\/strong>he added.<\/p><\/blockquote>\n
He also said that the regulator should avoid piling up unnecessary barriers, but establish conditions for improvement of Russia\u2019s financial system instead.<\/p>\n