Tuesday, October 4, 2022
HomeLaw & PoliticsFormer President of Russia comes in support of cryptocurrency

Former President of Russia comes in support of cryptocurrency

Medvedev, former President of Russia, has joined a number of other high-profile politicians in opposing the planned cryptocurrency prohibition by Russia’s Central Bank.

Russia’s central bank plan to criminalise various cryptocurrency-related activities has sparked outrage, with former President Dmitry Medvedev the latest to express his displeasure.

According to a report from Tass, Medvedev feels that if the ban is implemented, it would have a bad influence on the environment, but the central bank has its own agenda.

Medvedev stated that on cryptocurrency, I currently find myself in a very good position. I trust that members of the Russian Federation’s Central Bank and government will successfully deal with the situation. He went on saying that whenever they try to prohibit something, it frequently has the opposite effect.

The Russian Central Bank is opposed to cryptocurrency use, trade, and mining

This follows the central bank’s completion of a document emphasising the significance of cryptocurrency in the country’s financial system. As a result, the bank has proposed a complete ban on cryptocurrency trade, mining, and use. 

According to the bank, these are volatile and used in unlawful operations, while also providing a way for people to withdraw money from the national economy. The central bank of Russia has also warned that the emergence of cryptocurrencies might threaten the bank’s ability to maintain appropriate monetary policies.

Different perspectives on crypto have attracted Russian President Vladimir Putin’s interest also. He had urged for a consensus on cryptocurrencies among various government institutions.

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