Bitcoin Keeps Dropping as Russian President Stressed upon Regulations

Russian President Vladimir Putin has ignited the need of required regulations for the Country’s Cryptocurrency sector. In a Statement he emphasized on regulating Cryptocurrency soon as possible, in other words.
In step with a report from local russian news journal Tass, putin stated on Jan. 11 that rules “may be clearly required in the future” in this the front.
"this is the prerogative of the imperative bank at present and the central bank has enough authority so far. However, in large terms, legislative regulation might be absolutely required in future,” he stated.
The information source quoted the russian chief voicing each the risks and opportunities worried with cryptocurrencies.
“it's far recognized that the cryptocurrency isn't sponsored through something. It can not be a shop of value. No clothe valuables are at the back of it and it is not secured by whatever,” putin reportedly stated. “it could be a agreement medium to a certain diploma and in certain situations. That is completed quickly and efficaciously.” Note: Back in Days Putin, once hostile to digital currencies, changed his tune after meeting with Vitalik Buterin, the influential Russian-born billionaire founder of Ethereum.
Russia’s long-awaited cryptocurrency legislation is stated to be coming next month. In its document on putin’s remarks,Tass quoted senior lawmaker deputy finance minister Alexei, who supplied the new timeline to newshounds ultimate week. Therefore Ethereum is expected to drop or it may even influence most of the cryptocurrencies in combine let us keep in mind that Putin has been in favor of digital economy ever since his closed ally has set up a Russia based mining company as result of securing an ICO of $100 millions. For further reference read here