The Head of the Chechen Republic has Decided to Buy Bitcoin

The Head of the Chechen Republic and a former member of the Chechen independence movement, Ramzan Kadyrov, has announced on Twitter his intention to buy a share of Bitcoin. He has not mentioned the amount of investment but he did admit that the money could be lost.

Kadyrov wrote on his Twitter.

“I have already said that in the Chechen Republic will be implementing blockchain. I'm also interested in innovative payment networks. I have decided to buy a share of Bitcoin to monitor the development of the cryptocurrency. Investing in Bitcoin is, of course, a questionable thing, you can lose all your money, there is no insurance”

The Chechen Republic is a federal subject of Russia, situated in the southern part of Eastern Europe. It was reported earlier that the government of the Chechen Republic together with VEB (Vnesheconombank) were implementing blockchain technology in the republican department of Rosreestr (The Federal Service for State Registration, Cadastre and Cartography).

Kadyrov also paid attention to the cases of bitcoin scams in this area of the financial market:

“I still remain to think that this branch should be strictly regulated by law, but not prohibited. The main thing is to protect citizens from Ponzi and other fraudulent schemes”. 

The Blockchain is a decentralized database, in which storage devices are not connected to a shared server. The main advantage of blockchain tech is its safety, as no one can fabricate or replace information recorded in the system.

Я решил приобрести долю биткоина. Инвестиция в биткоины, конечно, штука сомнительная. Страховки никакой нет. Но интерес растёт, поэтому надо попробовать, посмотреть, что получится.

— Рамзан Кадыров (@RKadyrov) February 10, 2018