Russia Minister of Economic Development compared bitcoin with MMM

Russia Minister of Economic Development compared bitcoin with MMM

Maxim Oreshkin, the Minister of Economic Development of Russia, said that the dynamics of the value of crypto-currencies causes fears, and the authorities should use the blockchain technology.

The Minister does not have anything against cryptocurrency as such, but the excitement around them becomes similar to the situation with the financial pyramid of MMM

“As for the cryptocurrency, there are two aspects. The first aspect is that Russia should not remain on the margins of technology, should lead in this process. We, perhaps, do not yet understand how this technology can be applied, but we definitely need to understand how it works and be at the forefront of developing these processes, ” Maxim Oreshkin explained his position.

Maxim  Oreshkin noted that the authorities are already using blockchain in the procurement system inorder to make it as transparent as possible.

“But at the same time what we see with bitcoin, what information wave is around this whole story … The enthusiasm of citizens who are not qualified investors is dangerous because if we look at the dynamics of bitcoin cost, it is very similar to the dynamics of MMM shares, the dynamics of the NASDAQ index. There are very high risks for the investor, “the minister elaborated.

The cost of cryptocurrency is growing due to the fact that many people are involved in the operation with them. In other words, the authorities believe that “cryptomania” is a dangerous phenomenon, and measures must be taken.

The truth is in the opinion of the authorities: crypto-currencies because they are difficult to track, are widely used for crime, mainly for laundering “black” money and drug trafficking.

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