Last year’s falling prices are not a good enough reason to “bury” cryptocurrencies, Russian Prime Minister Dmitry Medvedev said during a high-level economic conference. He believes Russia should carefully follow the developments around digital coins.
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Russia Should Watch Carefully
Medvedev thinks the Russian Federation should watch the situation with cryptocurrencies, whose rates “showed extreme volatility” in an extremely bearish 2018. The value of some digital assets fell five-fold, the head of the Russian government noted during his appearance at the annual Gaidar economic forum. Quoted by Tass, he further elaborated:
This, of course, is not a reason to bury them. As with any social phenomenon, any economic institute, there are both bright sides and dark sides.
That’s why the Chairman of the Russian Council of Ministers says Russia should simply carefully follow what’s happening with cryptocurrencies.
Digital financial assets, a term applied to cryptocurrencies in official Russian documents, remain unregulated in the country. However, Medvedev’s comments come just weeks before the lower house of the Russian parliament, the State Duma, is expected to review on second reading a package of draft laws aimed at establishing order in the crypto industry.
Three bills were voted on first reading in the Duma in last May – “On Digital Financial Assets,” “On Attracting Investments Using Investment Platforms,” and “On Digital Rights.” Their final adoption was postponed multiple times but is now among the priorities for the spring session of the house. The drafts are part of a long list of bills designed to regulate different aspects of the digital economy.
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