Amidst a national narrative in which cryptocurrency is sometimes endorsed and sometimes disparaged, President Vladimir Putin has confirmed at least one emerging truth about cryptocurrency moving forward in the Russian Federation.
Vladimir Putin has made clear his take on the sovereignty of cryptocurrencies. "Russia inherently cannot have its cryptocurrency, just like no other can have its cryptocurrency," said[1] the Russian head of state during an hours-long annual question-and-answer session[2] with the Russian citizenry. "This is because when we are talking about cryptocurrency, this is what goes beyond national borders."
Putin went on to say, "The Central Bank believes that cryptocurrencies cannot be means of payments and settlements, cannot be means of hoarding, and are not secured by anything." He went on to express Russia's cautious approach to cryptocurrencies.
The so-called "Direct Line" Q&A session is held every year, and several reputable organizations claim the questions posed during the Direct Line are curated beforehand[3]. Even so, President Putin is correct that to constrain a cryptocurrency to a single nation is likely impossible, echoing regulatory concerns being explored by the G20[4] and European Union[5].
Putin's cryptocurrency commentary treads on statements within a landmark draft law published by the Russian Finance Ministry[6] in late January – which Putin himself requested in October of last year[7] – regarding regulation of the issuance, trade, and storage of cryptocurrencies. It also spells out standards for ICOs.
Speaking from the Moscow Capital Club last October, the Russian minister of communications and mass media, Nikolai Nikiforov[8], stated that President Putin planned to implement a Russian "cryptoruble" cryptocurrency. Moreover, Russia's
