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Putin Tells Central Bank Not to Create Unnecessary Barriers to Cryptocurrencies

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The President of the Russian Federation, Vladimir Putin, held a meeting on Tuesday to discuss cryptocurrencies. It was attended by top regulators including the central bank governor, her deputy, and the finance minister. While Putin acknowledged the risks associated with cryptocurrencies, he stressed the importance to not "build up unnecessary barriers" for new technologies.

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Putin's Meeting

Russia's president Vladimir Putin held a meeting "on the use of digital technology in finance and the implementation of innovative financial tools" on Tuesday, according to the Kremlin's website. The meeting was attended by Presidential Aide Andrei Belousov, Finance Minister Anton Siluanov, Central Bank Governor Elvira Nabiullina, Central Bank Deputy Governor Olga Skorobogatova and Qiwi CEO Sergei Solonin.

Putin Tells Central Bank Not to Create Unnecessary Barriers to Cryptocurrencies

Putin's meeting on using digital technology in finance on Tuesday.

Putin Tells Central Bank Not to Create Unnecessary Barriers to Cryptocurrencies

Anton Siluanov and Olga Skorobogatova at the meeting.

"Today, I propose addressing a topic that is relevant not only for our country, not only for Russia, but is probably becoming relevant also for the rest of the world," Putin addressed his colleagues. "I am referring to introducing digital technology in the financial, banking sphere, and using innovative financial instruments."

The head of state suggested that they discussed the use of cryptocurrencies, "taking into account all the various components of the problem," Tass summarized.

Putin on Cryptocurrencies, Outlining Risks

Before the meeting started, the president of Russia gave a brief introduction on cryptocurrencies. "As is known, virtual currencies, also known as cryptocurrencies, are becoming or have already become very popular," he began. "In certain countries, they are becoming or have already become legal tender, as well as an investment asset," Putin continued, adding that:

I would like to draw your attention to the need to use the advantages that are offered by new technological solutions in the banking sphere.

He then pointed out some risks associated with using cryptocurrencies, stating that "the use of cryptocurrencies also carries serious risks. I know the central bank's position; I have discussed this topic with the Governor on several occasions." He elaborated:

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