Russian President Vladimir Putin Says Cryptocurrency is not a Safe Investment Option

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The president of present-day Russia, Vladimir Putin, has made some harrowing comments about the cryptocurrency markets. The local media outlet recently published the take of Putin on cryptocurrencies. He attended the Russian Calling Investment forum in Moscow recently. According to the press, the former intelligence expert is not happy with cryptocurrencies.

Putin stated that digital assets are not based on anything, and they can fall to zero at any time without any reserves backing them up. He further criticized that volatility is intrinsic to the digital assets and risks of investment are pretty high. Putin claimed that digital investors should not dismiss the opinion of the experts who are talking about the risk associated with the nascent market.

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Russian President Vladimir Putin claimed that the cryptocurrency market is still in the developing stages. He also pointed out that several sovereign countries have already embraced cryptocurrencies. Meanwhile, the Russian government is still in the process of working on crypto-related regulations.

On the other hand, the region has also become the third-largest contributor of the Bitcoin mining hash rates. Furthermore, the central bank of Russia has plans to launch a new CBDC soon. However, the state legislators would have to amend eight federal laws and edit five legal codes to allow the new digital ruble to go live without any obstacles.

Bitcoin Mining in Former Soviet Union Countries

Cryptocurrency mining and trading are thriving in several former Soviet Union countries. Kazakhstan has become the second-largest contributor of Bitcoin hashrates in the world after the United States. The president of Kazakhstan has plans to impose taxes on the industry to increase the revenue of the country. Ukraine is also considering legalizing several crypto-related corporations.

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Meanwhile, Russian Federation is yet to benefit from the $2 billion revenue generated by the rapidly increasing cryptocurrency mining corporations. While the average annual digital asset transaction surpasses $5 billion in Russia, the government has yet to impose taxes due to the lack of a regulatory framework.

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