Russian Prime Minister and Former President Dmitry Medvedev Says Bearish Market Does Not “Bury” Cryptocurrencies

Wilfred Michael 

Wilfred Michael

Reporter

17 January 2019,
16:13
Russian Prime Minister and Former President Dmitry Medvedev Says Bearish Market Does Not “Bury” Cryptocurrencies

Former Russian President and current Prime Minister, Dmitry Medvedev told the audience gathered at the Gaidar forum earlier this week, that the current bearish market performance is not a reason to write cryptocurrencies off.

Medvedev's comments were reported by the local news agency, TASS and are a source of hope to those who have stopped believing in the potential of cryptocurrencies to innovate the financial system, because of 2018’s bear market that has extended into the new year.

According to the politician, bull and bear are a dominant feature of any social and economic phenomena like cryptocurrency, so instead of ‘burying’ the market because of one bad moment, a better approach would be to monitor its activities and possibly learn from it.

The publication quotes Medvedev as saying,

“But sure, it is not a reason to bury them [cryptocurrencies]. There is both a bright side and a dark side here, as well as in any social phenomena and any economic institution. We should monitor carefully what is going on in the space.”

Although his comments do not reflect a direct endorsement of cryptocurrencies, it gives evidence that authorities can now see that the industry has potential beyond its current market performance.

Meanwhile, the Prime Minister's positive stance has come at a time when the Russian cryptocurrency industry is awaiting the decision of the parliament on a proposed bill to govern the space.

As we reported earlier this week, the Russian State Duma is expected to review the bill within the next two months, leading up to other compulsory steps that will turn the legislative piece into law.

State Duma's Chairman, Vyacheslav Volodin made the finalization of the bill a top priority for the nation’s lawmakers, which means that Russia will soon add its name to the list of countries to provide regulatory cover for the crypto industry.

 

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