It was previously believed that Russia also has a very hard stance when it comes to the idea of decentralization and adopting cryptocurrencies just like China, but the recent statement from Vladimir Putin has proved it to be wrong. Vladimir Putin has recently voted for cryptocurrencies by saying that these might serve as the settlement units, which means that he doesn’t completely deny the role that crypto can play in the modern world of finance. He has also said that cryptocurrencies are still in the development stages, and a lot of work needs to be done on the part of the state to impose a legal framework in which crypto can work hand in hand with fiat currency.
Out of the several pain points mentioned by Vladimir Putin, the most highlighting one was the lack of stability; it is not a well-hidden fact that volatility and decentralization go hand in hand. At times the crypto market will be soaring high in terms of value and price, and at another, it will be so downright that the original investment of the investors will be turned into an absolute loss.
Russia Will Not Ban Crypto
So this out in the open means that Russia will not be banning cryptocurrency for good but will be initiating possibly a trial base program to work with them. This is not only on cryptocurrency alone, but the state also has to work its part to propose a legal framework in which crypto can exist and interact with the fiat counterparts of the state. So it is possible that Russia will be just testing out the possibility of working with cryptocurrencies, and if everything goes smooth, then maybe in the future, the country will resolve to make crypto and legal gender just as El Salvador did.
But when it comes to the idea of trust and dependability, Putin says that the crypto sector lacks that kick. It is also confirmed by the Russian finance minister that there would be no ban on cryptocurrency and the country had no intention of imposing a ban in the first place as China so local fans can put their minds at ease regarding that.