Legislation regarding cryptocurrencies and how to utilise them will be needed in Russia in the future, says Russian President, Vladimir Putin.

Speaking to a Russian news outlet, 65-year old Putin allegedly said that laws to lay out the rules and regulations of cryptocurrency and other digital currencies in Russia is the bank’s prerogative. Putin added that in his opinion, the Russian Central Bank holds an appropriate level of authority. However, he did not appear to voice his concerns regarding such currency, explaining that cryptocurrency isn’t supported and therefore has no value, making it difficult to maintain. However, Putin has continued to argue that cryptocurrencies can be used as a settlement medium.

This apparent change in opinion comes after Putin met the creator of Ethereum, Vitalik Buterin, a few months ago. Furthermore, Dimitry Medvedev, the Russian prime minister was also reported to have said that cryptocurrency could easily disappear in the next few years, especially if popularity continues to soar around Blockchain and more people begin to investigate its benefits.

The long-awaited and often speculated legislation surrounding cryptocurrency in Russia is due to be released next month (February 2018). Alexei Moiseev, the senior lawmaker and Deputy Finance Minister reportedly confirmed the new timeline to Russian reporters earlier in January.