Russian Prime Minister Calls for Common Approach on Regulation of Cryptocurrency

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Russian Prime Minister Dmitry Medvedev calling for common approach in regulation of crypto assets

In his speech at the international conference on Digital Agenda in the Globalization Era International Forum, Mr Dmitry Medvedev, the Russian Prime Minister called for the members of the Eurasian Economic Union (EAEU) to adopt a common approach to digital cryptocurrencies. He stressed that the development in digital world calls for trans-border regulations.

However, he was quick to point out that what is required in terms of regulations is a softer, rather than the traditional approach and ideally, in his views, crypto assets should be regulated by international convention. Elsewhere, the Prime Minister said that:

“…..the party that will come up with a reliable, resource-light and transparent regulatory framework will be the one who wins this race“.

Despite his profession of pessimism in cryptocurrencies, the Prime Minister acknowledged that blockchain technology is a fundamental breakthrough in terms of the principles behind it.

The EAEU has five member countries: Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia. Russia assumed the presidency of the EAEU on 1st January 2018.

For excerpts of the Prime Minister’s speech read Here

Ahmed Ali

Diacle