Dmitry Medvedev is the current Prime Minister of Russia and according to him, introducing robust cryptocurrency regulations in Russia is harder than he imagined.
He said Russia’s attitude towards the crypto space might provide counterproductive results. He gave a statement on the crypto situation in Russia during a session for “The Future of the Legal Profession” was conducted in St. Petersburg.
In this session, the Russian Prime Minister stated that it is important that whatever cryptocurrency regulations Russia decides to introduce should be adaptable to the continuously changing digital landscape.
He further elaborated saying that Financial dealing occurring within the digital landscape are a reality and the sooner we accept it, the better. For this purpose, it is essential that some sort of arrangements should be made to have a law for dealing with them.
He continued voicing his concern saying that trying to establish restrictive regulations would not work in our favour and the reign of the digital currencies cannot be stopped. The prime minister thinks that instead of implementing harsh regulation a the matter should be approached more leniently. Introducing a more lenient and flexible framework is going to be more effective.
There is still some disagreement over how crypto space should essentially be regulated. Many countries choose to take a more extreme approach and outright ban cryptocurrencies.
Simultaneously, State Duma is trying to create a strong regulatory framework for the crypto space. Since last year Russia has been struggling with regulating its digital financial sector.
The President of Russia Vladimir Putin does not share the same sentiments as that of the Prime Ministers’s. Putin has clearly told the State Duma for making a definite regulatory framework for the crypto space.
Since Russia is so hesitant to accept this new rising technology, it is essentially digging its own grave. Russia is one of the countries in line for becoming the next world power, but this attitude towards accepting innovative things might sabotage its plans.
Instead, by doing this, new competitors are arising for Russia. Japan and Thailand have trusted and adopted the space fairly quickly and have taken the initiative for creating a regulatory framework for space. Compared to them, Russia’s motives for regulating digital assets is not the same.