The Russian president, Vladimir Putin, explains the risks associated with crypto-currencies

The Russian president, Vladimir Putin has given his opinion on crypto-currencies during a meeting that was held yesterday. He stated the various risks of money laundering and fraud related to the use of virtual currency. The technologies of financial and crypto-currencies were the main theme of this meeting, discloses the information service of the Russian government.

The Russian president has expressed his support for new regulations relating to the trading of crypto-currencies. He said that Russia should look to other countries to develop such devices for regulating the market of crypto-currencies.

Vladimir Putin, much more accurate in his statements

During this meeting, the Russian president has completed some of the comments that he has already declared, two years ago. In fact, Vladimir Putin has spoken for the first time crypto-currencies in 2015. He indicated that there are serious problems related to the broader use of digital currencies.

In its new report, Putin emphasized the rapid development of the technology. He explained that crypto-currencies are becoming increasingly popular. Many users use them as a means of payment, and invest in certain countries, he adds.

Putin in favour of the establishment of a regulatory framework

The Russian president wants to put in place regulations that would protect investors and facilitate the development of new financial products. He said that it is important for Russia to develop a regulatory framework based on the experience of other governments adopting this new form of currency.

These regulations are primarily intended to protect the interest of the users, the professionals of the sector and the Russian government. They will also provide legal safeguards. These statements come after a top official of the Russian central bank has indicated that it will support efforts to block access to external sites, providing exchanges of crypto-currencies in the country.

Source : CoinDesk