On Tuesday, Vladimir Putin, President of the Russian Federation, voiced his criticism on the state of criticism at the investment forum “Russian Calling” in Moscow. According to local news outlet slow.ru, the president made the following comments, as translated by Cointelegraph:
“It is not backed by anything, [y] volatility is colossal, so the risks are very high. We also believe that we must listen to those who speak of these high risks. “
Putin called for greater monitoring and regulation of cryptocurrencies, noting that certain countries around the world are seeing significant adoption of digital currencies. Currently, the regulation of cryptocurrencies is still in its infancy in Russia. Although the government is considering the launch of a central bank digital currency, at least eight federal laws and five legislative codes must be changed for the digital ruble to take effect.
Also, there is no regulation in the country regarding cryptocurrency mining. This has led some to claim that $ 2 billion in crypto mining revenue is generated annually in Russia, but on that, no tax is paid. Due to the lack of a regulatory framework, the use of cryptocurrencies has exploded among ordinary Russians, with transactions exceeding $ 5 billion each year.
In other parts of the former Soviet Union, cryptocurrencies are also rapidly gaining ground. Kazakhstan has become the world’s largest Bitcoin (BTC) miner by hash rate, and its president seeks to collect more taxes from such activities to fund the country’s spending.. In Ukraine, the government is actively promoting legal cryptocurrency operations. Last year, the city of Olsztyn, Poland, began adopting the Ethereum (ETH) blockchain for emergency services.
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