Russia deputy finance minister, Alexei Moiseev has said that, “There is a point of view that such cryptocurrencies as bitcoin is a financial pyramid”.
In an interview, Moiseev raised concerns from the Ministry of Finance. Particularly, he mentioned two types of risks, one for consumers, “As people don’t have judicial protection, they need to do it on their risk”. Moiseev also conferred the risks of money laundering and the shortfalls of present anti-money laundering mechanisms.
Further, Moiseev seemingly commented on the propose of regulations for cryptocurrencies which allowed only for qualified investors. Later on, he mentioned that this approach was discussed by the ministry of finance with both Moscow Stock Exchange and Russian Central Bank. This approach must be implemented the sale of cryptocurrencies through Moscow Stock Exchange under the careful supervision of the Rosfinmonitoring.
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Russian Miner Coin (RMC), mining company that is co-owned by one of Vladimir Putin’s internet advisor. It has aims to raise the crypto equivalent of $100 million. The company is majorly trusted by Russian government to challenge China’s bitcoin supremacy. And to help Russian impresarios gain footholds in the technology.
Meanwhile, it is not actually clear that the Russian government will act to prevent non-qualified investors from buying cryptocurrencies. It simulates pervious instances where the Russian government blocked website for cryptocurrency exchanges.
Remarkably, Russian entrepreneur Pavel Durov took to his social media platform VK to comment on the remarks by Moiseev. Per Durov,
“instead of seizing the chance to make the world more balanced and, together with Japan and other Asian countries, recognizing the status of the new digital currencies that are replacing the dollar, the voices of ‘let’s forbid and limit’ are heard from the Russian government”.