Putin speaks in public regarding Bitcoin.
July 17, 2015
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Putin speaks in public regarding Bitcoin.

Russian President Vladimir Putin has declared his first statement on bitcoin and digital currencies in an educational forum broadcast on national TV network Russia 24.

Putin indicated his view that the Bank of Russia, the country’s central bank, has so far taken a moderate stance on the technology by investigating, not declining, its applications.

Further, he advised that while he considered the use of digital currency as money to be perhaps questionable, the technology could be recognized as a novel way to handle or calculate transactions.

Bitcoins are backed by nothing. This money [is backed by nothing], that’s the point, this is the major problem. They are not really linked to anything and backed by nothing. We do not reject anything, but there are serious, really fundamental issues related to its wider usage, at least, today. – Vladimir Putin

The Russian President declared that the fact that the currency isn’t backed by anything represents a significant issue with adopting digital currencies. Though he said that the government isn’t planning to reject cryptocurrencies, the concern related to using them can’t be overlooked.

In a nation that had one of the most conservative stances regarding digital currency, The latest Vladimir Putin state regarding cryptocurrency will most certainly lead to a new era of success for both the local Bitcoin community as well as for digital currency-related businesses and entrepreneurs.

Will this is a sign that Russia will be another big adopter of Bitcoin? Most certain it will help!

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Steve

Steve

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