Russian President Putin: No country can have its own cryptocurrency

Russian President Vladimir Putin recently made it clear in an interview that no country should have its own cryptocurrency.
In the interview, in which he shared his views on emerging technologies that drive digital assets such as Bitcoin, he made it clear that by the definition of cryptocurrency, no country, whether Russia or otherwise, can have its own cryptocurrency as they are supposed to operate without borders.
Currently, central bank digital currency or state-owned cryptocurrency has been a controversial topic in the industry, because the centralization of such digital currency deviates from the decentralized nature of cryptocurrency.
In February this year, BitPush reported that Russian Deputy Prime Minister Dmitry Chernyshenko stated in a letter submitted to President Putin that the Russian Federal Security Service (FSB) had reached an agreement with the Russian Central Bank to ban the use of cryptocurrencies as a means of payment in Russia. The FSB had not previously made it clear whether to allow or prohibit the use of cryptocurrencies such as Bitcoin as a means of payment.
The FSB and the country’s central bank have been arguing over how to regulate digital currencies. While the Bank of Russia has firmly advocated that all cryptocurrencies should be banned, the FSB has remained open to crypto legalization and has endorsed a regulatory framework that favors miners.
The FSB also included proposals involving cryptocurrencies in Russia's bill on digital financial assets. The FSB's proposal includes that cryptocurrencies can be exchanged for rubles and other legal currencies only through specialized operators. Therefore, Russians will not be able to purchase anything with cryptocurrencies, but can exchange them for legal currencies.
Some in the crypto community praised Putin’s remarks, saying he denied the possibility of Russia having a cryptocurrency and believed that a borderless global cryptocurrency would make more sense, and Bitcoin might be his choice.
One user, Satoshi Baggins, said, “Putin is in pole position to lead the world.”
“So far, I have rarely seen other countries’ leaders reach this level of understanding,” said Changpeng Zhao, CEO of major cryptocurrency exchange Binance. “Others are still at the level of discussing how to issue a cryptocurrency that can be controlled, and they have missed the point.”
Zhao Changpeng also hinted that Putin’s remarks could boost the price of Bitcoin, asking on Twitter, “Will the price of Bitcoin go up after Putin’s speech?” (BitPush)