Today, Russian President Vladimir Putin, who attended the VTB Capital Investment Forum, used the expressions “risky” and “volatile” in his statements on cryptocurrencies. To recall, in recent months, SEC chairman Gary Gensler compared the cryptocurrency market to the “wild west” and brought forward the need for new regulations to protect investors. Now, the “unsafe environment” emphases, reminiscent of Gensler’s statements, come from Vladimir Putin. Here are the details…
Vladimir Putin: Cryptocurrencies are not secure
At the online VTB Capital Investment Forum, Vladimir Putin answered questions on different topics related to technology. In a question on cryptocurrencies, Putin said that some authorities have banned cryptocurrencies and that China is the pioneer of them. Other statements of the Russian President regarding cryptocurrencies were as follows:
Cryptocurrencies are not safe, the volatility is high and the risks are too high. Maybe this is our future. Maybe we should look at this more carefully right now, but that’s the current situation.
Vladimir Putin also says that US policies reduce the value of the dollar. Russia, the world’s largest natural gas exporter, earns most of its natural gas and oil revenues in dollars. However, Putin states that the use of the dollar is prohibited in some places, so they are trying to get rid of the dollar.
The VTB Capital Investment Forum also noted the increasing use of the Japanese Yen. Putin’s comments were:
This is a global trend… The whole world sees what is happening and acts accordingly. The issue we are trying to prevent here is volatility. That’s why we try to use Russian rubles in many trades.
