On Tuesday, Vladimir Putin, President of the Russian Federation, voiced his criticism on the “Russian Calling” funding discussion board in Moscow. According to native information outlet lenta.ru, the president made the next remarks, as translated by Cointelegraph:

“It’s not backed by something, [and] the volatility is colossal, so the dangers are very excessive. We additionally imagine that we have to hearken to those that discuss these excessive dangers.”

Putin known as for the better monitoring and regulation of cryptocurrencies and identified that sure nations worldwide are seeing vital adoption of digital currencies. At present, cryptocurrency regulation continues to be in its infancy in Russia. Though the federal government is contemplating the launch of a central financial institution digital forex, a minimum of eight federal legal guidelines and 5 legislative codes should be modified for the digital ruble to take impact.

Moreover, no regulation exists within the nation relating to cryptocurrency mining. This has led some to assert that $2 billion in crypto mining income is generated yearly in Russia, however on that, no taxes are paid. As a result of lack of a regulatory framework, cryptocurrency use has soared amongst extraordinary Russians, with transactions surpassing $5 billion every year.

In different elements of the previous Soviet Union, cryptocurrencies are additionally quickly gaining in traction. Kazakhstan has turn into the world’s largest Bitcoin (BTC) miner by hash charge, and its president is searching for to gather extra taxes from such actions to fund the nation’s bills. In Ukraine, the federal government is actively encouraging authorized crypto operations. Final yr, the Polish metropolis of Olsztynbegan adopting the Ethereum (ETH) blockchain for emergency companies.