Russian President Vladimir Putin has held a meeting with representatives of state authorities and businessmen on the use of cryptocurrencies.

“Modern technologies in the banking sector, of course, opens new opportunities for organizations and citizens, making economic activities and everyday life more convenient. The virtual or crypto-currencies are nowadays gaining popularity and they have already become in some countries a full-fledged means of payment, as well as an investment asset” the president said.

But then Putin recalled risks related to the cryptocurrency world:

“At the same time, the use of cryptocurrencies also poses serious risks. I know the position of the Central Bank and spoke with its chairman on this issue various times. First of all, cryptocurrency may be used for the laundering of illicit money, avoiding taxes and even terrorist financing, and, of course, in fraudulent schemes, whose victims can be ordinary citizens.”

According to the Russian president, it is necessary to develop cryptocurrency regulation that would allow people to take advantages of the new technology and not create unnecessary barriers for it.

“Based on international experience, we need to build a regulatory environment that could systematize relations in this area, to protect, of course, the interests of citizens, business and the state, to provide legal guarantees for working with innovative financial instruments.”

The president's aide Andrey Belousov, the head of the Ministry of Finance Anton Siluanov, the chairman of the Central Bank Elvira Nabiullina, her deputy Olga Skorobogatova and the general director of the company Qiwi and the Association of FinTech Sergey Solonin are taking part in the meeting with Vladimir Putin, TASS reports.