Vladimir Putin: Countries Shouldn’t Have Their Own Cryptocurrencies
Russian President Vladimir Putin said that there are no borders for cryptocurrencies, and therefore no country can have its own cryptocurrency.
When asked whether Russia would soon have its own national cryptocurrency (CBDC), President Vladimir Putin pointed out that neither Russia nor any other country should have its own cryptocurrency, since digital coins are by definition not recognize boundaries.
At the moment, there are many countries that are working on the release of their own CBDC, including China and European countries. However, these digital coins do not preclude centralization and can become a tool for mass cash flow tracking.
Currently, the legal status of cryptocurrencies in Russia is not defined, the Central Bank of Russia openly opposes the use of cryptocurrencies for payments.
The People’s Bank of China (PBoC) is now very close to issuing a national digital currency called DCEP. The development has been ongoing for at least 5 years, and now the digital yuan is being tested by companies such as McDonald’s and Starbucks. China’s centralized cryptocurrency is expected to be launched by 2021.
Author: Marko Vidrih
Featured image credit: Wikipedia