President of Russia Vladimir Putin defined the future of the cryptocurrency. Talking with Head of the Bank of Russia Elvira Nabiullina, Putin pointed out a series of problems with the use of Bitcoin but stated that the digital currency can be used as a payment unit in some spheres. “We do not reject anything, but there are serious, really fundamental issues related to its wider usage, at least, today,” the president explained adding that “this money is backed by nothing, that’s the point, this is the major problem.” Speaking of the central bank’s stance, the regulator clearly understands the growing interest in the new payment means as Bitcoin has several advantages compared with traditional currencies, according to Nabiullina. However, the bank is aware of high risks of its use and intends to strengthen the control over the market of cryptocurrency in case of needed regulation. Bitcoin is one of the most popular digital currencies in the world, but it does not have an issuing center. You can pay for goods and services online with this currency. In 2013, the US Department of Justice said Bitcoin can be “legal means of exchange” at the US Senate committee hearing. However, the cryptocurrency is prohibited in Vietnam, Bangladesh, Bolivia, and Ecuador. Bitcoin has been accepted as a payment means in several global companies.
