10 Oct 2017 21:34

Russia ought to systematize cryptocurrency use based on int'l best practices - Putin

SOCHI (BOCHAROV RUCHEI). Oct 10 (Interfax) - Russia should systematize relations in the area of the use of cryptocurrency and protect people and business based on international best practices, Russian President Vladimir Putin said.

"It is widely known that many countries are looking for approaches to how cryptocurrency circulation should be regulated. They have just begun creating the necessary legislative conditions and legislative and regulatory frameworks. We should base ourselves on international best practices in building a regulatory environment to help systematize relations in this sphere," Putin said at a meeting in Sochi on Tuesday.

Russia should build an environment that will facilitate the protection of the interests of people, businesses, and the state and will "provide legal guarantees for working with innovative financial instruments," Putin said.

"We should make use of the advantages brought by any kind of technology solutions in banking. And it is important not to put up additional barriers, of course, but instead create the appropriate conditions for the further development and improvement of the national financial system," Putin said.

At the meeting, Putin proposed discussing the matter with the other participants, taking into consideration all the elements of cryptocurrency use.