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Presidential advisor: cryptocurrencies are the part of economic reality that cannot be denied

Sergey Glazyev, advisor to Vladimir Putin, believes that “cryptocurrencies are the part of economic reality that cannot be denied”. He also mentioned the “tremendous opportunities” behind the digital currencies that should not be disdained.

Last month, Russian Minister of Finance and First Vice-Chairman of the Government Anton Siluanov explained how Russia is getting prepared to counteract new US sanctions. He mentioned reducing the usage of US dollar as one of the possible measures to be taken in this respect. Sergey Glazyev sided with his view in his latest interview with “Gazeta.Ru”:

“Rejection of dollar is an imperative for economic security.”

In commenting on the most recent session of the Eastern Economic Forum (EEF) which took place at the Russian Far East, Glazyev called cryptocurrencies a part of economic reality that cannot be denied, while pointing out the “tremendous potential” of utilizing digital technologies in currency circulation and saying that it is all not just about “bitcoins and other crypto tools”:

“Through it, we can assure the proper use of funds. We can guarantee, that funds won’t be stolen. We can do without any commercial banks at all in our direct interaction with investors… That is, digital technologies provide for the significant reduction of risks in the financial sector. If well thought out, [digital technologies] ensure full transparency of all transactions and guarantee the safety of all monetary tools utilized by market participants.”

Apart from that, the use of digital technology will “facilitate banking oversight and exchange control procedures”, the official believes.

Unlike the Head of the Bank of Russia Elvira Nabiullina, who sees more harm than good in cryptocurrency, Sergei Glazyev is of the opinion that these new tools will “protect the entire segments of money circulation from “capital flight and other unpleasant things”.

Earlier this week, Dmitry Peskov, special representative on digital and technological development to Vladimir Putin, stated that the time for legalizing the issuance and circulation of tokens in Russia is yet to come.