Chechnya Leader Kadyrov Admitted Buying Bitcoin, Urged Not to Ban Cryptos

Chechnya Leader Kadyrov Admitted Buying Bitcoin, Urged Not to Ban Cryptos

The leader of Chechen Republic, which is a part of Russia, Ramzan Kadyrov has unveiled that he piled into a portion of bitcoin and urged the authorities not to ban it entirely.

According to his words, he decided to keep up with the realm of the blockchain, and that is not possible without purchasing the coin itself. At the same time, Chechnya leader did not reveal how much he bought precisely.

Kadyrov Keeping Up With Advancements

In his channel in the instant-messaging service Telegram, Kadyrov wrote:

“In the ever-changing world of technology, you need to improve yourself to understand the innovations.”

Telling his readers that he acquired a division of BTC, he stressed that the distributive ledger tech trend would be launched in the Chechen Republic.

“I have already said that in the Chechen Republic there will be implemented blockchain. I'm also interested in innovative payment networks," added Chechnya leader.

He explained his decision to pile into BTC by a desire to stay abreast of the latest developments in the realm of this virtual coin.

Fraud Stuff

At the same time, he made it clear that he is aware of the fact that investing in cryptos can be risky. In particular, he said that it is a “dubious thing” and cautioned people that if they follow his example, they should know that they can lose all the money that they piled into cryptos.

He also emphasized that the market is full of fraudsters, so everybody should be meticulous attentive when dealing with bitcoin.

Legalization is Good, Banning is Negative

Additionally, Kadyrov said that he supports the legislation of cyber money. However, he believes that bitcoin and its ilks should not be forbidden.

According to his words, it is crucial to safeguard people from the pyramid, Ponzi, and other deceitful schemes.

Currently, bitcoin and crypto issues are not settled by the Russian government, but the country’s lawmakers are working on the draft law, the initial version of which has recently been published by Russia’s Ministry of Finance.