Vladimir Putin to protect Russia from crypto-currencies

SOCHI (Sputnik) – The use of crypto-currencies carries serious risks, creating the possibility of the spread of fraudulent schemes and, therefore, needs careful regulation, Russian President Vladimir Putin said at a meeting on crypto-currencies on Tuesday.

“Crypto-currencies in some countries have already become a full-fledged means of payment, an investment asset, but the use of crypto-currencies also carries serious risks…including the possibility of laundering the capital obtained by criminal means, tax evasion and financing even of terrorism, and, of course, the spread of fraudulent schemes, whose victims may become ordinary citizens,”

Putin said.

The president stressed that Russia needs to regulate crypto-currency use in such a way as to protect the interests of citizens, business, and the state while avoiding the creation of unnecessary barriers.