Crypto Regulation No Longer Top Priority — Dmitry Medvedev

Wilfred Michael 

Wilfred Michael

News reporter

16 May 2019,
21:09
Crypto Regulation No Longer Top Priority — Dmitry Medvedev

Russian Prime Minister, Dmitry Medvedev has debunked any suggestions of imminent crypto regulation in the country after he observed that public interest around the new asset class declined in 2018.

According to the local news agency, Fontanka, Medvedev shared his thoughts on the matter of crypto regulation at the Ninth International Legal Forum meeting holding at St. Petersburg this week.

He reportedly told the audience as part of his opening speech that “nowadays, the popularity of cryptocurrency has decreased, and regulatory issues may not be so relevant.”

However, Medvedev still recalled his earlier comment at the forum’s meeting last year when he called for regulators to at least provide definitions for basic cryptocurrency terms and how they apply to the Russian populace.

He still maintained that stance and added that even though public interest around Bitcoin and cryptocurrencies has subsided, it is too early to write off the industry since it still has a chance to rise.

Meanwhile, as Stmarket.co has reported in the past, Russia has taken some steps to provide clarity for the use of cryptocurrencies within its region.

Aside from the President, Vladimir Putin calling for the regulation of the industry before July 2019, Russia has proposed to define boundaries such as what identity verification is required for crypto users and the purchase limit for unqualified investors.

For the record, Bitcoin prices had just come off the all-time high of near $20,000 when Russia first deliberated on whether or not regulate the space.

While Medvedev suggested in the current report that interest has cooled off, the dominant cryptocurrency has witnessed a rapid increase since the turn of the year, and in the process hitting values near half of its all-time high.

Time will now tell whether the resurgence will once again lead to the reignition of public interest in cryptocurrencies, and renewed talks of adequately regulating the industry.

 

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