Putin denied the idea of national cryptocurrency in Russia

June 8

Head of State told about his attitude towards digital currency and elaborated on relevant questions concerning IT development.

The Russian president Vladimir Putin considers that Russia can not issue its own national cryptocurrency. He stated this opinion during the Direct Line, June 7.

«Russia can not issue its own cryptocurrency as any other country can not. We should treat cryptocurrencies with caution but we should look into the future in order to find application for them», noted the Head of State.

The president also appealed to the Central Bank’s opinion, stressing that the possible applicability field for digital currency has not been defined yet.

«You know the Central Bank’s attitude towards cryptocurrencies. The Central Bank considers them invalid as payment methods or settlements. It believes they can not be savings means and they literally aren’t backed by anything at all», he stated.

Apart from all else Vladimir Putin made comments on Telegram messenger blockage. When answering one of the videobloggers’ question who expressed concern about «possible prohibition of Instagram and YouTube», the president stated that the security issues are in priority of today.

«We aren’t going to block anything. I am fully aware of the situation around Telegram. In my position I am concerned about public safety. When law enforcement institutions’ representatives tell me that at the time following the explosions in the St.-Petersburg metro they could not trace the terrorists’ correspondence and make a decision. The terrorists take advantage of it», Putin clarified.

Head of state noted that he did not support bans on social networks and other services and preferred «to look for civilized solutions».

«I will stimulate my colleagues to follow this specific path and use contemporary methods of fight against offenders. Without having to restrict freedom, including the internet», he summarized.

Notably it was only two days before, June 5 when the State Duma approved the legislative proposal on penalties for breaking the law on anonymizers at its third reading. The document states that search engines returning links to restricted resources could be fined up to 700 thousand rubles. The same actions performed by physical or legal persons shall be punished with a fine of 10 to 30 thousand rubles or 50 to 300 thousand rubles correspondingly.

Apart from which the document introduces a fine for using anonymizers and VPN-services of 5 thousand rubles for citizens, 50 thousands for civil servants and 500 to 700 thousands for legal persons.

The Russian parliamentarians also intend to develop regulations concerning cryptocurrencies. May 22 they unanimously supported the legsilative proposals «On digital assets» (№ 419059-7), «On investment attraction via investment platforms» (№ 419090-7) and «On digital rights» (№ 424632-7) at their first reading.

We would like to remind that earlier Dmitry Medvedev during a meeting with Vladimir Putin made a suggestion of converting the Ministry of Telecom and Mass Communication to Ministry of Digital Development. The president agreed to the prime-minister’s suggestion and signed the relevant decree.


Later Medvedev named the new ministry’s head. The head will be Konstantin Noskov, who had up till now been Head of the Analytical Center for the Government of the Russian Federation.

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