Putin: “Russia will not have its own cryptocurrency”

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On June 7th, the 16thannual “Direct line” session with president Vladimir Putin covered a few cryptocurrency questions. Russian blogger Artem Khokholikov asked the president three questions. Putin replied to these questions rather negatively. When asked if, cryptocurrencies could ever replace real-world fiat, he noted that although practice shows that Japan has adopted crypto as a payment, “it doesn’t work in other countries”. “Central Bank of the Russian Federation considers cryptocurrency neither a means of payment, nor a store of value,” says Putin.

Russia’s state cryptocurrency

Moreover, when asked if Russia could have its own cryptocurrency, Putin said that by definition it is not possible. Onwards he mentioned crypto mining as something that Russia does not regulate, but “treats it very carefully”.

In the end, he added that Russia must keep an eye on the world developing technical phenomenon. They have to look into how cryptocurrency could be used in the means of avoiding restrictions regarding the international financial activity. Some say it’s a reference to the potential use of cryptocurrencies to avoid sanctions from other countries. 

As these might be news for some, In my humble opinion this could be Russia’s praxis so far.