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The Russian Prime Minister Believes the Cryptocurrencies Should be Regulated on the International Level

Dmitry Medvedev, the Prime Minister of the Russian Federation thinks the regulation of the cryptocurrencies should not take place in each country separately. According to a local business magazine called Vedomosti, Medvedev believes that a joint action of all the countries of the Eurasian Economic Union (EAEU) towards the regulations of the cryptocurrencies should be made.

At a conference called Digital agenda in the globalization era and held in Almaty, Kazakhstan on February 2nd, 2018 Medvedev talked about the necessity to regulate the cryptocurrencies on the international level, especially in the EAEU zone, comprised by Armenia, Kazakhstan, Belarus, Kyrgyzstan and Russia: “It is impossible to introduce the cryptocurrency regulations in only one country, our approach should be closer to the level of the Union.”

In December last year, the Russian President, Vladimir Putin, proposed to introduce a new, multinational cryptocurrency that would be adopted by all the countries members of the EAEU and the BRICS countries (Brazil, Russia, India, China and South Africa). This multinational currency would enable the use of the blockchain technology and the smart contracts technology on this developing markets.

Despite the fact that Medvedev talked only about the EAEU zone, he repeated the idea about the multinational crypto regulatory model for the payment services and not only the blockchain protocol: “In any case, we should not limit ourselves only to the national models. My colleagues here said the cryptocurrencies could be used for payments. Let us approach this carefully, because our economies are so strongly and closely connected.”

In March last year, the prime minister Medvedev asked the Ministry of Сommunications and Mass Media and the Ministry of Economic Development to start investigating the potential uses for the blockchain technology in the Russian government.

At a recent Gaidar forum held in January, the Russian prime minister criticised the cryptocurrencies by calling them an economic bubble that will eventually burst and disappear, but

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