The former Russian president is in favour of crypto adoption

Dmitry Medvedev shared his supportive stance on the crypto industry and claimed that the crypto ban idea may result in a negative impact.

In Russia, crypto trading is legal under the crypto law, introduced by the government of Russia on 1 January 2021. A couple of months ago, the Bank of Russia explained how crypto engagement in the country is working against the growth of the Russian economy. The Russian Central Bank completed its report on Crypto’s role in the country. 

On 28 January, Tass published a report and confirmed that former Russian President Dmitry Medvedev is in favour of Crypto adoption because he believes that a crypto ban may result in some negative results for the economy of the country. 

“I now have a rather advantageous position in this sense: I believe that representatives of the Central Bank and the government of the Russian Federation will deal with this with success. Although, to be honest, when they try to ban something, very often it leads to the opposite result,” Medvedev said. 

This statement of the Former Russian president came after the completion of a report by the Bank of Russia. Through the complete report, the Central Bank noted that crypto is giving huge negative results to the financial economy of the country so it should be banned in every way like trading, mining, etc.

The main concern that the Central Bank pointed out is the use of cryptocurrencies in Money Laundering to move the funds outside the country. 

Deputy Chairman of the Security Council of the Russian Federation, Medvedev, also supported the crypto regulation idea instead to follow the idea of a crypto ban. Medvedev joined all other crypto supporters and stated that it will impact negatively those citizens of Russia, which are holding crypto assets. 

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