Cryptocurrencies bear serious risks and are backing Terrorism; claims Putin

Cryptocurrencies bear serious risks and are backing Terrorism; claims Putin

"The president voiced the issues related to cryptocurrencies".

He mentioned such risks as a possibility of laundering capital obtained by criminal ways, evading taxes and financing terrorism, not to mention the dissemination of fraudulent schemes that may cause harm to ordinary citizens.

"Cryptocurrencies are issued by an unlimited amount of anonymous subjects. It's a serious issue that we need to keep in mind while discussing this topic", said Vladimir Putin.

"In the event of a system failure or the inflation of "bubbles", as they say now, there will be no legally responsible entity available. The state should take all this under control", said Siluanov, who attended Tuesday's meeting with Putin. He noted that it is necessary to institute the circulation of cryptocurrencies in Russian Federation and at the same time not to create unnecessary barriers.

"We need, based on worldwide experience, to build a regulatory environment that will systematize relations in this area, to protect, of course, the interests of citizens, business, and the state, to provide legal guarantees for working with innovative financial instruments", he said.

Bringing a gift for your host when you're visiting from out of town is often a courteous move and something that Turkemenistan's president, Gurbanguly Berdimuhamedov obviously believes in as he brought quite the gift for Russian president Vladimir Putin on a trip to the Bocharov Ruchei state residence in Sochi. Siluanov said his ministry would work with the central bank on regulating cryptocurrencies in Russian Federation.

"In many countries, cryptocurrencies are becoming or have already become a complete means of payment, as well as a means of investment".

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