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Russia's Prime Minister Says Despite The Bear Market, Cryptocurrency Shouldn't Be Buried Yet

The Russian Prime minister, Dmitry Medvedev in the 10th Gaidar forum gave a speech in his comments, he said cryptocurrency should not be “buried” yet. He further stated that the volatile nature of the market did not warrant for a close eye to be turned to these virtual currencies, according to a local media outlet’s report on January 15.

Prime Minister Says Cryptocurrency Should be Closely Monitored

As per the details of the report, Dmitry Medvedev has advised that digital assets should be closely monitored. He also noted that within the past year, they had shown greater volatility in their price given that some cryptocurrencies had fallen as low as five times their worth in the previous year.
However, the Russian politician says this is not enough reason to “bury them”. According to him, like any other social phenomenon in an economy, there are bound to the good and bad sides. That being the case, these virtual assets should be closely watched instead in order to see what will be their outcome.

Challenges Faced by Global Economy

Asides focusing on digital assets, Medvedev also noted that the major challenges of the world economy. In his opinion, these risks which have grown rapidly in the past decade are a high level of uncertainty, the growth of protectionism, a scale of the digital transformation, and changing traditional markets.
The Prime minister pointed out that in the case of digital transformation, the “scope and speed of digital transformation” brought about its potentials and risks. Moreover, this is a technology that is expensive and needs to be upgraded frequently. When it came to uncertainties in these economies, it is attributed to the strict policy of countries and illegal sanctions.

Cryptocurrency Companies’ High-Level Interest in Russia

BTCNN on January 8 reported of investors high-level interest of cryptocurrency in Russia. It was said that the non-regulated country is being eyed specifically by cryptocurrency exchanges such as Kucoin, Bitmex, Exmo, and Huobi, who have either added the Russian language to their platform or have made plans to set up a shop in the country.
Other events in the region which are related to the crypto industry include a Bitcoin tracker ATM site that was launched in December by two Russian companies. Tretyakov, an art gallery in the region also revealed in November that they are developing a Blockchain-based application that will help to digitize their artwork and receive donations.

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