The Russian Prime Minister, Dmitry Medvedev held a speech at the Gaidar International Scientific Forum. The Russian Prime Minister addressed the situation with the prolonged Bear market and explained that Cryptocurrencies should not be “buried” over the current situation.
Medvedev emphasized on the importance of careful observation around Bitcoin’s current price predicaments. According to him, the volatility of most Cryptocurrencies is a cause for slight concern, but the benefits of Crypto and Blockchain technology could not be denied. When asked about the crypto market’s extreme volatility in 2018, Medvedev stated:
“The high volatility cannot be denied and while unfortunate, it’s by no means a solid reason not to purchase Cryptocurrencies. As with any social phenomenon linked with modern economics, there are both positives and negatives. We should all pay more attention and see how things develop from this point onwards”
Dmitry Medvedev: We should pay more attention to Crypto
Other topics that were discussed in-depth in the Gaidar International Scientific Forum were trade protectionism, social inequality and both the speed and magnitude of the global digital transformation. Dmitry Medvedev mentioned that the Crypto market is very related to all of these topics and overcoming the current situation is one of the biggest global challenges today.
A lot of experts are skeptical about both the timing and the enthusiasm of the Prime Minister’s speech. This is mainly because recently news broke out of major Russian investments in Bitcoin. These major investments would amount to a little over $10 billion, but most experts refer to the information as the classical definition of fake news.
It has been discussed that Russia could use Cryptocurrencies to evade sanctions. Many Crypto media outlets have used this information in an attempt to pump up Bitcoin’s price. Of course there is a real possibility that Russia may in fact one day turn to Cryptocurrencies as a hedge. However, with no official government stating to back up the claims of the Crypto outlets, this information will continue to be looked at as fake news.
There is also a development with Russia’s stance on crypto regulation. Anatoly Aksakov, the head of State Duma Committee on the Financial Market stated on January 14th:
“We have agreed that the law on digital assets should be adopted along with two legislative acts. With the information I have at the moment, this should probably happen in the end of January, or most likely February”
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