Dmitry Medvedev: ‘’We Should Watch Closely What Happens To Cryptocurrency’’

The prime minister of Russia Dmitry Medvedev is in our altcoin news today after addressing the bear market while speaking at an international scientific forum.

Medvedev pointed out how important it is to carefully monitor the developments of Bitcoin and other cryptocurrencies saying that their high volatility is a cause for concern for many people but the technology behind them provides many benefits and should not be set aside.

The prime minister addressed the high volatility of the crypto market in 2018 by saying:

‘’But this, of course, is not a reason to bury cryptocurrencies.  There are both light sides and dark sides, as in any social phenomenon, in any economic institute. And we should just watch closely what happens to them.’’

He continued to discuss social inequalities and how the global digital transformation is speeding up saying the cryptocurrency is a part of that fast-going phenomena.

The news comes right after major media outlets published the story of Russia’s plan to purchase $10 billion worth of BTC. Turns out that the news was fake.  The Russian economist from the Presidential Academy of National Economy and Public Administration Vladislav Ginko pointed out that he strongly believes that Russia might use Bitcoin to fight economic sanctions and this story swamped the media and got massively exaggerated.

Russia is, however, preparing a crypto bill that will provide stable cryptocurrency regulation in the next two months. The Duma State will be drafting a regulatory framework in February to regulate ICOs and crypto crowdfunding.