Russian prime minister believes bear market is ‘not a reason to bury’ cryptocurrencies

Russian Prime Minister Dmitry Medvedev has told investors to keep a close eye on cryptocurrencies, stating that the bear market is “not a reason to bury” the social phenomenon of crypto.

Medvedev, as quoted by Russian news outlet TASS, claimed that the cryptocurrency market has both a “bright side and a dark side,” explaining that in spite of the volatility, there is still a lot of potential in the market.

He stated: “But sure, it is not a reason to bury them [cryptocurrencies]. There is both a bright side and a dark side here, as well as in any social phenomena and any economic institution. We should monitor carefully what is going on in the space.”

In August 2018, Coin Rivet reported that Russia had been looking at halting the advance of cryptocurrencies. The aim of this was to ensure that hard cash would always be king in Russia, but the government seem to have taken a U-turn in the past month.

Last week it was reported that Russia looked set to invest billions into Bitcoin. There is currently $466 billion worth of capital sat in their reserves, and Vladislav Ginko, a lecturer at Moscow’s Russian Presidential Academy of National Economy and Public Administration, said that diversification into crypto would be key to mitigating US sanctions.

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