Russia Not Ready for Circulation and Issuance of Crypto - Expert

A special representative of the office of the president of Russia conveyed that the country is not yet primed and ready for the circulation and issuance of crypto.

This development is according to local news agency RIA.

The president’s Special Representative on digital and technological development Dmitry Peskov, spoke of his perspective on the state of digital assets in a talk with RIA.

He said:

“From the start, we have not legally suppressed blockchain and cryptocurrencies, and are trying to bring them into a normative space. But the government must give fair warning, that there is a high risk of ending up with an MMM 2.0 [famous pyramid scheme that existed in 1990s].”

Peskov remarked that the sanctioned position of the Russian Central Bank on crypto was too weak.

"The threat level is so high that the position could be stricter," he stated. In addition, Peskov argued that the issuance of cryptocurrencies is contrary to basic state principals:

"The issuance and circulation of cryptocurrencies cannot yet be permitted. It contradicts the basic functions of government. Order is important. If we adopt a bill on the principles of working with cryptocurrencies on the government level, then we can discuss the implementation of those principles in daily life. But it’s not right to do this in reverse."

Peskov also said that the best move forward for the legal development of the cryptocurrency sphere in the country would be to make a regulatory sandbox to evaluate “all aspects of work” with cryptocurrencies.

Peskov was named a special representative by presidential decree in July 2018. Peskov also serves as the Director of Young Professionals at the Agency for Strategic Initiatives.

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Posted from my blog with SteemPress : http://www.cryptalnews.com/russia-not-ready-circulation-crypto/

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