Russia's Minister Backs Crypto-Self Regulation - MnTrendsNews

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Sunday, 28 January 2018

Russia's Minister Backs Crypto-Self Regulation


Former Russian Finance minister, Alexei Kudrin has backed self-regulation in the cryptocurrency sector. He has faith that it will be best to allow the sector regulate itself now, in it's infant stage than to impose regulations on it. Alexei is Russia's longest serving minister.



Others have also shared the same view on the issue, Alexei shared this view on Social media, giving his comments on the latest developments on crypto-debates. Alexei, Putin's longtime serving minister is now overseeing a think tank working on the strategic development of Russia.

Cryptocurrency will no doubt enter every part of the Russian Federation. But before standards are set and current technologies are improved, Kudrin warned that the risks are very high for the investors and for the common citizens.

“In this respect, self-regulation is more effective than regulation”, he tweeted, he expressed this opinion on a discussion about an exposed disagreement between the 2 companies set up to arrange the legal framework of the cryptocurrency. Alexei who served as Russian Finance Minister for 11 years(2000-2011) is now heading  the Centre for Strategic Research, a think tank that is a result of Putin's genius, which focuses on the strategic development of the Russian Federation in the next decade.

Both praised and criticized, Alexei has been credited for bringing the  Russia out of the last global financial crisis, with Analysts saying that he was able to pull thus feat through because of the Stabilization fund which is believed to be his creation.

Considered one of the masterminds of Kremlin’s economic policies under both Putin and Medvedev, Kudrin has been hailed as a “free market champion” and a “fiscal manager of the highest order” by foreign observers.

In Russia, Alexei has also been praised for reducing it's debt burden, at a time when Salaries and pensions were increasing. Critics however say that his liberal visions for the future may hurt Russia's economy.

He was also joined by Titov Boris, a Business Ombudsman who commented that they are  recommending “much harsher regulation than Japan, Switzerland, Belarus, and Armenia, i.e. the countries that have adopted some legislation so far”, Titov said. “Better not adopt anything”, he added.

Titov also added that if the regulation is implemented, Russia will lose its beauty in the eyes of the crypto-community.

What is your view, do you think views like that of Alexei and Titov can influence Russia's final implementation of the Cryptocurrency regulation? Share your view in the comments section below and subscribe to our newsletter and like our Facebook page, Mntrends Blog

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