Ramzan Kadyrov who is the Head of Chechnya has just purchased some Bitcoin and taken the social media platform to brag about the new development. He has not revealed the amount but has described it to be risky as one can lose all his/her money. However, it’s up to Moscow whether it means “yes” to cryptocurrencies. Nevertheless, the Grozny government supports decentralization and is determined to put up some public records on a blockchain.
Holding a Bitcoin share
“I’ve made up my mind to buy a share of Bitcoin to follow the evolution of the Cryptocurrency.”
He further said that with the change in technology, one should grasp innovations and further added that Blockchain will be introduced in the Chechen Republic.
Chechen head of state believes that regulation by federal law is the most important and not the ban. Protection from fraudulent schemes is what the state should do.
Crypto Morals Preached
A more detailed warning of Kadyrov about indulging in cryptocurrencies was in the telegram channel and said that profits come with risks. He also noted that the media is involved I provoking the investment in cryptocurrencies and people put themselves in debt and use all their money on digital assets. 10 days before his purchase of Bitcoin, he said that people venture in cryptocurrencies due to greed.
In Chechen, blockchain is set to be implemented in a republic register and this has been made possible in conjunction with Vnesheconombank. Kadyrov discussed the Blockchain idea with VEB’s president. He then hinted the public that there were various innovative projects coming up in Chechnya. One of the proposals was decentralization of the republic property register.
Social media star
Chechnya’s head of state has been rated the mist quoted blogger due to sharing all his activities on social media. He has also made it clear that he can resign and devote his life for the protection of the Al-Aqsa Mosque. He posts all events one of which was his lost cat. Kadyrov has over 3 million followers in Russian Instagram and 750,000 on Facebook. The US was involved in imposing rave bans on him for allegations of abuse of human rights. One of then was prosecution of gay men which he denied.