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Economy & Regulation

Striving to keep up with development, the president of Chechnya Ramzan Kadyrov has bought himself some bitcoins. The outspoken strongman of the once restive Russian republic has bragged about the purchase on social media. Whether that means “yes” to cryptocurrency in the Caucasus is ultimately up to Moscow. Nevertheless, the government in Grozny has been somewhat positive towards the concept of decentralization and has already moved to put some public records on a blockchain.

Also read: Kazakhstan, Kyrgyzstan, and Uzbekistan on the Crypto Radar

Holding a Share of Bitcoin

“I’ve made up my mind to buy a share of bitcoin to follow the evolution of the cryptocurrency”, Kadyrov posted on his VKontakte page. In the constantly changing world of technologies one has to improve oneself to be able to grasp innovations, he told followers on the Russian social network. “I have already stated that blockchain will be introduced in the Chechen Republic and I am also interested in innovative payment networks”, Kadyrov added.

The Chechen head of state believes the crypto sector should be clearly regulated by federal law, but not banned. “The most important thing is to protect citizens from financial pyramids and other fraudulent schemes”, the president wrote.

Ramzan Kadyrov did not reveal the amount of rubles he spent on bitcoin. However, he took time to warn his compatriots about the risks associated with cryptocurrency investments. “It is a dubious thing”, he said. “You can lose all your money. There is no insurance there”, he added, noting the high rates of fraud in the crypto world.

Crypto Morals Preached

An extended version of Kadyrov’s warning was shared some time ago on a Telegram channel posting “selected quotes” from the president. “In recent months we have heard a lot about the so called cryptocurrencies and I cannot stand aside and keep my opinion to myself”, he said, cautioning Chechens that “super profit” comes with extraordinary risks.

“Media is presenting cryptocurrencies as the new gold, provoking some - click here to read the rest of this article