Putin warns crypto should be treated with caution

Author: Olly Jackson | Published: 18 Jun 2018

President Vladimir Putin has said Russia does not consider cryptocurrency as a means of payment nor as a store of value. In his annual Q&A session with the Russian public last week, he urged people to treat cryptocurrencies cautiously as they are not backed by anything and said rumoured plans to issue a state-backed cryptocurrency were unfounded.

Russia has had a shaky relationship with cryptocurrencies. President Putin called for a ban over money laundering concerns and considered jailing anyone for using or owning bitcoins in 2016. 

Yet last October, Russia’s minister of communications and mass media Nikolai Nikiforov said President Putin planned to issue a Russian 'cryptoruble’; this after Russia Central Bank deputy governor Olga Skorobogatova repeatedly claimed Russia was preparing to develop its own cryptocurrency. While Putin’s words last week reject this possibility for now, it is a clear diversion from the rhetoric of two years ago, with messages about the...


 

 

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