"In many ways, 2017 marked the year that cryptocurrency stopped being about technologically innovative peer-to-peer cash and instead essentially became a new, unregulated penny stock market."
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“In practical terms, I think, that’s a long way off . . . one of the last things you’d want to think about doing.” - Ravi Menon, the managing director of the Monetary Authority of Singapore, on central banks issuing digital currencies.
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‘If you invest, the risk is on you’: Putin urges caution on cryptocurrencies
Grigory Sysoev / Sputnik
Russian President Vladimir Putin has weighed in on the bitcoin debate. Although there will eventually be a need to legislate cryptocurrencies, he said any risks taken by investors now are their own responsibility.
Speaking at a press conference on Thursday, President Putin said the Central Bank of Russia’s (CBR) cautious approach to cryptocurrencies such as bitcoin is because there is nothing to guarantee their value.
“In general, of course, in the future there will certainly need to be legislative regulation. The Central Bank has already repeatedly formulated its attitude to this case, just as the government has.
Opinion on bitcoin and other cryptocurrencies remains divided, with some financial experts believing it is a worthy investment, as the price fluctuations and its meteoric rise in value will eventually even out, while others consider it a bubble that will burst sooner or later.
The Russian government is currently mulling over how to best regulate cryptocurrencies, with Deputy Finance Minister Aleksey Moiseev suggesting in December that mining bitcoin and other forms of online money would be illegal, but buying them or trading them would remain within the law.
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Igor Nikitovic