Russia PM: Bear Market Is Not a Reason to ‘Bury’ Cryptocurrencies

Russia’s Prime Minister, Dmitry Medvedev remarked at a recent conference that the 2018 massive dip and crypto bear market is not a reason to shun crypto.

While addressing the Gaidar forum – an annual international scientific conference, Medvedev stated that the current crypto market situation remains one of the main questions on the world community’s agenda among other challenges. Citing the volatility of cryptocurencies as a concern, he however opined that the technology and digital currency benefits could not be ruled out.

Speaking on the extreme volatility of the past year, Russia’s PM and former president argued that the extraordinary volatility volumes of the crypto market this past year are no reason to “bury” cryptocurrencies or rule out the industry’s potential. Clarifying his stance, he explains that any social and economic phenomena has both a bright side and a dark side as he urged the public to closely observe the state of cryptocurrency markets. In his words:

But this, of course is not a reason to bury them (cryptocurrencies). There is both a bright side and a dark side here, as well as in any social phenomena and any economic situation. We should monitor carefully what is going on in the space.

The Prime Minister’s assertion further affirmed reports credited to head of Russia’s Committee on Financial Markets in which he stated that the lower chamber of the Russian parliament is planning a draft bill on crypto and blockchain-related regulation in January or February of 2019.

The Russian parliament had in May 2018 passed the first cryptocurrency bill on Digital Financial Assets though the bill was sent back for review due to exclusion of a number of crypto concepts such as crypto mining.

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