Russian officials said that cryptocurrencies are not going to gain money status anytime soon
- There were discussions today amongst Russian officials and experts regarding the future of cryptocurrencies.
- They believe it is too early for cryptocurrencies to gain a status as money.
A panel of Russian officials and experts were today discussing the regulation of cryptocurrency. In terms of the event, it was hosted by the press conference center of the “Parliamentary Newspaper,” an editorial managed by Russia’s Federal Assembly (the parliament).
The officials and experts had come to the conclusion that the integration of cryptocurrency into Russia’s financial system is a question of a distant future. Detailing that the issuance of money other than ruble is considered illegal by the Constitution. Additionally, financial regulators are confused about the origin of Bitcoin and its brethren.
There was also much worry that many criminals can benefit from cryptocurrencies. The round table was moderated by Senator Lyudmila Bokova, First Deputy Chairman of the Council of Federation Committee on Constitutional Legislation and State Building said:
I consider it expedient not to force the [regulatory] process, but to analyze the experience of bigger economies. Let’s see how regulation is implemented there and what benefits or damage a country might receive from the introduction of such regulation.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
