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Cryptocurrency supply reined in by Putin in Russian Federation

Cryptocurrency supply reined in by Putin in Russian Federation”

The Russian government has made a decision to officially regulate the mining and circulation of cryptocurrencies.

Bringing a gift for your host when you're visiting from out of town is often a courteous move and something that Turkemenistan's president, Gurbanguly Berdimuhamedov obviously believes in as he brought quite the gift for Russian president Vladimir Putin on a trip to the Bocharov Ruchei state residence in Sochi.

"We have agreed on the following: the state should regulate the process of issuing cryptocurrencies, the process of mining, the process of circulation", said Finance Minister Anton Siluanov on Wednesday. "The state should take control over it", the minister said.

On Tuesday President Vladimir Putin chaired a meeting of senior Russian officials on the issue, and said the cryptocurrencies were risky and used for crime.

"Relying on the worldwide experience, we should build a regulatory environment to systematize relations in this sphere and protect, of course, interests of our citizens, businesses and the state, to provide legal guarantees to work with innovative financial instruments".

However, Putin said digital money lacks transparency.

"The president has spoken of the problems related to cryptocurrencies".

Cryptocurrencies such as bitcoin enable individuals to transfer value to each other and pay for goods and services bypassing banks and the mainstream financial system.

"Cryptocurrencies are issued by an unlimited amount of anonymous subjects. Many countries look for approaches to regulate the circulation of crypto currencies, they only start creating necessary legislative conditions and the legislative regulatory framework", Putin said.

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