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Adoption of cryptocurrency by Russia: Russian Prime Minister urges people not to "bury" cryptocurrencies

Russia is stepping forward to the cryptocurrency and its prime minister, Dmitry Medvedev, has made it clear that he said the current crypto-bear market should not be a reason to "bury" cryptocurrencies. The Prime Minister told him on January 15 in a speech at the X Forum Gaidar, he informed the newspaper.

The cryptocurrency market has suffered for a long time and decreased by about 90% compared to the highs of December 2017 and January 2018, reported Bitcoinexchangeguide. From January 18, 2019, the bear market is seen not going anywhere and has leaned on the shoulders of the currency. Market sentiment is not very strong at the moment, but Medvedev believes that the future of cryptocurrency is bright.

Meanwhile, the Russian parliament has yet to decide the approach to a long-awaited account on digital resources. Russia is trying to maintain and develop a crypto-friendly environment by developing these regulations, as the country's prime minister also talks about the cryptocurrency market.

The former president and prime minister of the country had talked about volatility volumes in the last year and asking people not to let the market crash hinder their decision to "bury" cryptocurrencies.

"Of course, it's not a reason to bury them [cryptocurrencies]. There is both a positive and a dark side here, as well as in every social phenomenon and in every economic institution. We should monitor closely what is happening in space. "

In his speech, Medvedev spoke about uncertainty in the global economy and spoke about the challenges they are facing with transformations and digital protectionism. He said that the challenges facing the global economy "are now completely in front of us" after a decade of predictable problems, reported the publication. The prime minister said:

"The last decade has brought many challenges, in part, they were quite predictable, in many ways they have become unexpected, and now both developed and developing economies are facing them".

While many prominent politicians did not make conclusive statements on cryptocurrencies, Medvedev addressed the argument by stating that they must monitor the situation with cryptocurrencies. He added:

"We should look closely at what happens to them [cryptocurrencies]".

According to the report of the publication, this Prime Minister's support comes when some politicians are doubtful about cryptocurrencies. While there are some who are completely against cryptocurrencies, the Prime Minister seems to believe in the potential possessed by the crypt and the Russian government can monitor the future of cryptocurrencies.

The government has moved forward to discuss the crypt, and last week the State Duma discussed a bill on encryption. The long-awaited law concerns digital resources, which is used more often by the Russian government for encrypted technologies.

The initial reading of the encrypted law was approved for the first time by the Russian parliament in May 2018. The current version of the bill is presented after receiving counterfeiting from the crypto industry. Russia is trying to embrace cryptocurrencies while other countries ignore it. The country is trying to develop appropriate regulations.

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