Chechen Leader Kadyrov Admitted Buying Bitcoin

The head of the Chechen Republic, Ramzan Kadyrov, announced that he bought a fraction of a Bitcoin, even though he hasn’t revealed the amount.

On his Telegram on Saturday Kadyrov noted: “I already said that blockchain technology will be introduced in the Chechen republic. I am also interested in innovative payment networks. I decided to buy a fraction of a bitcoin so I can follow the progress of cryptocurrency.”

However, he warned that all profits come with risks. “Media is presenting cryptocurrencies as the new gold, provoking some kind of a bitcoin fever. People take credit, deprive themselves and their families to invest their last money in digital assets”, Kadyrov wrote.

Ten days before he purchased Bitcoin, he said that people venture in cryptocurrencies due to greed. “Someone who puts money into cryptocurrencies expects their value to increase many fold… Their price grows only at the expense of investors’ greed. Those people are trying to draw in new investors and then get rich thanks to their greed.

In Chechnya, everything is already set up for blockchain being implemented in a republic register. Earlier in February, Kadyrov said that his government, in collaboration with the Vnesheconombank, would migrate the land register maintained by the Chechen division of the Federal Service for State Registration, Cadastre and Cartography,  known as the Rosreestr, onto a blockchain.”I cannot say when it will be done, but the work is underway,” he said.

Teuta Franjkovic

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