Russian Prime Minister Dmitry Medvedev suggested that crypto regulations are not a priority to the Russian government, since cryptocurrencies have lost their popularity. The Prime Minister’s comments were highlighted by Russian news agency, Fontaka on May 16.
Prime Minister,Medvedev argued that cryptocurrency wasn’t a subject of interest to Russian people anymore, which would further decrease the need for the adoption of crypto regulations. He said,
“The popularity of cryptocurrencies has decreased so far, which likely makes the regulation issue not that relevant already.”
The Prime Minister also added that, there is still an opportunity for other cryptocurrencies to rally the market, even after the hype around Bitcoin has dropped.
This news came in the midst of the first major bullish move of crypto markets in 2019, when bitcoin was seen surging from an average threshold of $4,000 to above $8,000 over 45 days starting from April 1.
The Russian government passed a major cryptocurrency bill,“On Digital Financial Assets”, in May 2018. However, this bill was sent back to its first reading stage after it lacked major key concepts like crypto mining.
After the recent delay by the country’s parliament, Russian President, Vladimir Putin ordered the government to adopt regulations for the crypto industry by July 2019.