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Bitcoin deflated as a "soap bubble": the Minister of Russian Economy

Maksim Oreshkin russia bitcoin

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Russian economic development minister Maksim Oreshkin said that while bitcoin has been deflated like a "soap bubble", it has positively influenced the world by encouraging investment in new technologies. On Wednesday at Russian Calling, an investment forum organized by VTB Capital, Oreshkin said that despite the problems of the encrypted market, the conversation around it led to significant international interest in a large number of projects in new fields, mainly blockchain technology. .

Giving his comments to the event, he said:

"You can remember what I said, for example, last year, when the price of Bitcoin rose to $ 20,000, and now it is less than $ 4000, we said very simple things: Bitcoin itself is a soap bubble , it deflates, that's what happened. […] Unfortunately, many people have been affected [because of their investments in cryptocurrency], but once again, in terms of new technologies, new businesses, gave a positive boost ".

His line is in line with the general reaction of the Russian state to the growth of cryptocurrency. Until now, the legal status of encryption, ICOs and mining activities had not been firmly established in the country, and the Russian authorities did nothing but release vague denials and investment warnings from time to time.

While a number of significant rumors have supported the adoption of blockchain for reasons as diverse as the use of a gold-bound cryptocurrency to protect the arms export sector for adoption of the DLT to eliminate customer abuse in the pension funds sector, this remains all that has happened. So far, the Russian state's interest in bitcoin has been largely limited to facilitating foreign missions that need hard money to track down.

In March, three draft laws aimed at correcting the regulatory gap were read in the Russian parliament, although the proposed laws included a clause stating that Russia does not recognize digital financial assets as legal tender in the country. Despite this, it has been reported in the past that the country is examining the possibility of circumventing the sanctions imposed by the United States using cryptocurrency as a primary solution.

Speaking in June, President Vladimir Putin said that while the state continues to look at the crypted "phenomenon" with great interest, it can not currently issue or sanction the issue of such tokens since, by definition, they do not fall within the scope of the issue. relevant government agencies. However, during the FIFA World Cup this year in Russia, it was announced that the hotels and selected hospitality spots would accept the cryptocurrency while millions of fans from all over the world arrived in Russia.

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