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Vladimir Putin's take on cryptocurrencies

October 10, 18:47 UTC+3

Modern technologies in the banking sphere definitely open new opportunities, the Russian leader believes

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© Mikhail Metzel/TASS

SOCHI, October 10. /TASS/. Risks are in place when using cryptocurrencies, Russian President Vladimir Putin said on Tuesday at a meeting called to discuss "rollout of digital technologies in the financial and banking sphere and use of innovative financial instruments."

"Modern technologies in the banking sphere definitely open new opportunities for organizations and citizens, make business activity and daily life more convenient also. Virtual [currencies] or cryptocurrencies are becoming and have already become more popular. They have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries," Putin said.

"At the same time, use of cryptocurrencies also carries serious risks," the president said.

"This is primarily an opportunity for laundering criminal capitals, evading taxes and even financing terrorism, and certainly, for spreading fraudulent schemes, where lay citizens may definitely become victims," Putin said.

Russia's financial system and barriers 

At the same time, circulation of cryptocurrencies should get going in Russia without creation of extra barriers, the Russian president believes. 

"We should use advantages provided by new technology solutions in the banking sphere. It is certainly important at the same time not to make extra barriers; required conditions should be created instead for further growth and improvement of the national financial system," the head of state said.

"We should develop such a regulatory system on the basis of international experience that will make possible to make relations in this sphere systemic, definitely protect interests of citizens, business and the government, and provide legal guarantees for work with innovative financial instruments.

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