Russian President – Vladimir Putin has declared his first expression on Bitcoin and digital currencies in an educative forum transmit on national TV network Russia 24.
Putin indicated his view that the Bank of Russia, the country’s central bank, has so far taken a conservative stance on the technology by investigating, not declining, its applications.
Further, he advised that while he considered the use of digital currency as cash to be perhaps questionable, the technology could be acknowledged as a novel way to handle or calculate transactions.
Bitcoins are backed by nothing. This money is backed by nothing, that’s the point, this is the major problem. They are not really linked to anything and backed by nothing. We do not reject anything, but there are serious, really fundamental issues related to its wider usage, at least, today. – Vladimir Putin
The Russian President declared that the fact that the currency isn’t backed by anything represents a significant issue by adopting digital currencies. Though he said that the administration isn’t planning to reject cryptocurrencies, the concern related to using them can’t be overlooked.
In a regime that had one of the most conservative stances regarding digital currency, The latest Vladimir Putin state regarding cryptocurrency will most undeniably