Russian Prime Minister says Cryptocurrencies should be Closely Watched Instead of Burying them

Russian Prime Minister Dmitry Medvedev recently made a statement about Cryptocurrencies in a speech while speaking about the economy at the 10th Gaidar Forum on January 15th. He claimed that there is no reason to bury Cryptocurrencies in a bear market.

Mr. Medvedev addressed the issues and challenges of the global economy like the shift in traditional markets, rise of protectionism, and a rise in social inequality. He then showed light on the Cryptocurrency situation marking it as one of the main questions in the world community.

Cryptocurrencies are a volatile asset class which has lost over 85% in value in 2018 which has led a lot of newer investors to doubt the asset class. But Prime Minister Medvedev said that this is not a reason to ignore the asset class but instead examine both the light and dark side of Cryptocurrencies.

Russian news agency TASS cites Prime Minister Medvedev saying:

“But this, of course, is not a reason to bury them. Here … there are both light sides and dark sides, as in any social phenomenon, in any economic institute. And we should just watch closely what happens to them”

The Prime minister then goes on to talk about other emerging technologies such as 3D printing, digital Twins (replica of physical assets or processes) and autonomous vehicles.

The state DUMA (lower house of the Russian parliament) is planning to draft a bill regarding Cryptocurrency and ICO crowdfunding regulations within February according to a report from TASS.

Image Source (Modified): Flickr

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