In a meeting held today on cryptocurrency rules, Russian president Vladimir Putin said that cryptocurrencies pose significant risks related fraud and money laundering.

Reported by the Russian state news service TASS, Putin was speaking on the subject of cryptocurrencies. President formally voiced his support for new rules around cryptocurrency trading.

File photo, Vladimir Putin.

Bloomberg quoted Putin:

“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.”

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 Putin threw his support behind new regulations to protect consumers.

“We should develop such a regulatory system on the basis of international experience that will make possible to make relations in this sphere systemic, definitely protect interests of citizens, business and the government, and provide legal guarantees for work with innovative financial instruments,” he said.

Russian president’s remarks came after a senior official for the country’s central bank stated that his institution will support efforts to block access to external websites that offer cryptocurrency brokering services.

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