Russia’s cryptocurrency adoption: Russian Prime Minister urges people to not ‘bury’ cryptocurrencies

Russia is moving a step closer towards cryptocurrency and its Prime Minister, Dmitry Medvedev made it clear as he claimed that the ongoing crypto bear market should not be a reason to “bury” cryptocurrencies. The Prime Minister said this on January 15 in a speech at the 10th Gaidar Forum, informed TASS.

The cryptocurrency market has been suffering for a long time and has fallen approximately 90% since the high in December 2017 and January 2018, reported Bitcoinexchangeguide. As of January 18, 2019, the bear market is seen to not go anywhere and has been resting on the coin’s shoulders. The market sentiment is not very strong at the moment but Medvedev believes that the cryptocurrency future is bright.

Meanwhile, the Russian parliament is yet to decide the approach to a much-awaited bill on the digital assets. Russia is trying to maintain and develop a crypto-friendly environment by developing such regulations, as the Prime Minister of the country also speaks for the cryptocurrency market.

The former President and the Prime Minister of the country had spoken about volatility volumes in the past year and asking people to not let the plunge in the market hinder their decision to “bury” cryptocurrencies.

“But sure, it is not a reason to bury them [cryptocurrencies]. There is both a bright side and a dark side here, as well as in any social phenomena and any economic institution. We should monitor carefully what is going on in the space.”

In his speech, Medvedev talked about the uncertainty in the global economy and talked about the challenges they are facing with digital transformations and protectionism. He told that the challenges facing the global economy “are now fully in front of us” after a decade of predictable issues, reported the publication. The Prime Minister said:

“The past decade has brought many challenges, in part, they were quite predictable, in many ways they became unexpected, and now both developed and developing economies are facing them.”

While many major politicians have not made any conclusive statements on cryptocurrencies, Medvedev addressed the topic and claimed that they need to monitor the situation with cryptocurrencies. He added:

“We should watch closely what happens to them [cryptocurrencies]”.

As per the publication’s report, this support from the Prime Minister comes in when some politicians are doubtful about the cryptocurrencies. While there are some who are completely against cryptocurrencies, the Prime Minister seems to believe in the potential possessed by crypto and the Russian government can monitor the future of cryptocurrencies.

The government has taken steps forward to discuss crypto and in the past week, the State Duma discussed a draft bill on crypto regulation. The much-awaited bill covers digital assets, which is the word used more than often by the Russian government for crypto-related technologies.

The crypto bill’s initial reading was first passed by the Russian parliament in May 2018. The current version of the bill is made after receiving flak from the crypto industry. Russia is trying to embrace cryptocurrencies while other countries ignore it. The country is trying to develop proper regulations.

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