Cryptocurrency poses serious risks - Vladimir Putin

[Wind_FURY]

First, read this Coindesk article, https://www.coindesk.com/vladimir-putin-cryptocurrency-poses-serious-risks/

Then, answer this question. It poses a risk for who? Us, the ordinary people, or them the government, the banks and the establishment?

Comments like that make their thoughts known that they want to stop cryptocurrencies because it can ruin their business. They will use reasonings like "to protect the consumer" or "to prevent fraud".

Sorry, but the community is doing fine, thanks. We do not need your "protection".

[Tszunami98]

What can you expect from this parrot. China and Russia go hand in hand with almost everything, so no wonder he is stating this. I thought he had more important things killing civilians in Syria than cryptocurrency...

[Karpeles]

Just another quote with no context. Quite common on media, sad to see crypto media going the same way.

The complete citation is:

"Virtual [currencies] or cryptocurrencies are becoming and have already become more popular. They have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries. At the same time, use of cryptocurrencies also carries serious risks."

Of course with no knowledge about the meeting wouldn't be hard to misunderstand his words

[farhaan]

We already know that big economic giants like China and Russia don't like the progress of bitcoin.They have tried their best to stop it.But they could not do so because of its decentralized nature.Bitcoin is definitely a threat to governments,banks as it totally frees people from their hands.Their national currencies would lose its values and they would have to face revenue losses which they got from taxes.That's why,they term bitcoin as a threat.

But truly,bitcoin is the greatest blessing of this century to the normal people.It has given financial freedom to the normal people.

[Actualiteit]

These snippets are always out of context. It's textbook journalism. He wasn't all that negative about crypto, just stating the obvious. As far as I know the only ones really against BTC are, surprise surprise: Central Bankers.

[Merovius]

Just another quote with no context. Quite common on media, sad to see crypto media going the same way.

The complete citation is:

"Virtual [currencies] or cryptocurrencies are becoming and have already become more popular. They have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries. At the same time, use of cryptocurrencies also carries serious risks."

Of course with no knowledge about the meeting wouldn't be hard to misunderstand his words

Thank you for pointing this out. Putin/Russia is currently one of the most vilified and misunderstood entities in the mainstream media, at least here in the USA. The level of anti-Russian propaganda and fearmongering has become truly ridiculous in certain quarters, so it is always a good idea to take media reports about Russian activity with a grain (or more) of salt, at least until proper context and confirmation can be found.

[soham]

First, read this Coindesk article, https://www.coindesk.com/vladimir-putin-cryptocurrency-poses-serious-risks/

Then, answer this question. It poses a risk for who? Us, the ordinary people, or them the government, the banks and the establishment?

Comments like that make their thoughts known that they want to stop cryptocurrencies because it can ruin their business. They will use reasonings like "to protect the consumer" or "to prevent fraud".

Sorry, but the community is doing fine, thanks. We do not need your "protection".

No wonder a communist would think that way because it posses threat to the organized financial sectors who funds various government activities. Probably Russian government has started getting strong negative feedback about cryptos from them and acting accordingly. The government will surely use such statements like "to protect the consumer" or "to prevent fraud" to sound friendly to their citizens but that will not make sense to the educated class of the people.

First China and now Russia and last but not the least, North Korea. Surprisingly bitcoin is somewhat limited in these three countries and their governments are communist. Coincidence!

[joseafonso123az]

Well, almost everyone who talks bad about BTC, always says it imposes great risks because of money laundering and also fraud. But  hey, this happened even before BTC was created, so this kind of  talks I guess, wont give bad rep to BTC. And, as BTC is still young and new, who knows there might be created a way to decrease these risks, because in technology, everything is possible.

[Pursuer]

Then, answer this question. It poses a risk for who? Us, the ordinary people, or them the government, the banks and the establishment?

if you read what the Russian officials say about bitcoin (all of them throughout history so far), you can see their concerns are always "taxation". their statements are always like this:
"... it is hard and sometimes impossible to get taxes on bitcoin and other cryptocurrencies. and yeah there is the fact that rarely they are used for illegal stuff but mostly taxes....".

about 7 months ago, maybe less, they said because bitcoin is slow and the blockchain is public and everyone can see the transactions we are working with firms to trace transactions and solve the "taxation" issue and legalize it. you can fin this news with the title including "Russia U-turn" keyword!

[BitHodler]

Well, almost everyone who talks bad about BTC, always says it imposes great risks because of money laundering and also fraud. But  hey, this happened even before BTC was created, so this kind of  talks I guess, wont give bad rep to BTC. And, as BTC is still young and new, who knows there might be created a way to decrease these risks, because in technology, everything is possible.

Everything that happens with fiat isn't really concern for governments, because they are then one issuing and backing fiat. Bitcoin on the other hand, is something they can't control, and for that reason they try to defame Bitcoin.

It's in their interest to make Bitcoin look bad in an attempt to avoid people buying Bitcoin it either as investment, or to cut all ties with the government and their banking system ~ that's what I consider pretty simple logic.

[carlo.p]

threat to them, but for us bitcoin & cryptocurrencies are a big help, government selfishness and their greed for money through taxation will play a big factor for them to hate bitcoin. but no they cant contain bitcoint they really cant

[Palmerson]

In these statements, Putin is not surprising. He is a dictator. All dictators are afraid of financial freedom of its citizens. When people have financial independence and changing their Outlook. They travel more and see what in the world is democracy. Such people are difficult to manage. Any government that is afraid and therefore, to deal with bitcoins will all be under different explanation.

[audaciousbeing]

First, read this Coindesk article, https://www.coindesk.com/vladimir-putin-cryptocurrency-poses-serious-risks/

Then, answer this question. It poses a risk for who? Us, the ordinary people, or them the government, the banks and the establishment?

Comments like that make their thoughts known that they want to stop cryptocurrencies because it can ruin their business. They will use reasonings like "to protect the consumer" or "to prevent fraud".

Sorry, but the community is doing fine, thanks. We do not need your "protection".

Having read the article, I was not surprised that the same reason every world leaders have against bitcoin has been on money laundering in which we all know that is a cover for them to really say the truth about their grouse against bitcoin which is purely about freedom that bitcoin sets to establish. This they know if its allowed will end up making their powers over the people futile even without carrying arms and staging  protest.

He has voiced his opinion, and I disagree with him on that, what they should be more focused on is finding ways to stop money laundering rather than going about with this cheap blackmail that is not moving things.

[pat4cryptoreal]

Naturally the banking sectors do not want any other development that will be a good alternative to the services banks are providing. Also government do not want their citizen to gain financial freedom. If the government are talking about involving in cryptocurrency as a risk I do not think it is principally their business because it is an individualistic decision.

[qiman]

As so it's o.k for all the black market FIAT to be laundered into countries like ours, CYPRUS where we have all the rich Russians bringing in boat loads of their black money, but Bitcoin and Altcoins are a problem with money laundering? This is pure hypocrisy  and of course they want to preserve and protect their own hides and self interest, just like the SEC in America hates to see people get rich off of the internet and prefer to have people working like corporate slaves. I think this is stupid on behalf of Putin to talk like this, no offense to my Russian Comrades.

[Wind_FURY]

Just another quote with no context. Quite common on media, sad to see crypto media going the same way.

The complete citation is:

"Virtual [currencies] or cryptocurrencies are becoming and have already become more popular. They have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries. At the same time, use of cryptocurrencies also carries serious risks."

Of course with no knowledge about the meeting wouldn't be hard to misunderstand his words

I am sure they are all worried that they are losing control over the whole financial industry. Satoshi knew it would come to this. It might be the reason why he was hiding his real identity.

Expect the government to use fear mongering tactics to discourage us from using Bitcoin and to make the public think it is "evil".

[Almat]

It can be a risk to the economy because if left unchecked, it could be used for mass money laundering. There's really no risks in it for the people unless they put everything they own into it and it dips and never recovers. I'm happy enough they're not declaring it illegal outright. They'll warm up to it eventually.

[Wind_FURY]

It can be a risk to the economy because if left unchecked, it could be used for mass money laundering. There's really no risks in it for the people unless they put everything they own into it and it dips and never recovers. I'm happy enough they're not declaring it illegal outright. They'll warm up to it eventually.

Did you now that the biggest banks in the world help drug cartels launder their money, and those same banks fund wars to further the agenda of the politicians they are backing?

You are brainwashed into thinking like that. The banks have been corrupting the system and have been oppressing the common people. It is now time to gain some leverage through Bitcoin.

[Catmony]

Government and big banks are just afraid of bitcoin as people around the world are adopting bitcoin as payment method and secure way to store their wealth. If everybody gonna use and store their money in bitcoin than how government will be able to collect taxes and how banks gonna print out as much money as they want for lending. 

[Monro3000]

I very much doubt the actions of Russia against bitcoin. Even if Vladimir Putin gave a negative evaluation of the crypto currency, this does not mean that Russian citizens will not deal with crypto currency. Here, rather, the struggle in the media. Who pays for their work, they dictate what they say, and how to influence the population. In general, the cryptomir is not threatened by politics.