Russian Minister: Investing in Bitcoin is worse than gambling

As Russia deals with drafting regulations for digital currencies, a Russian official said that investing in Bitcoin is worse than gambling.

Last week, Russian officials met with Russian President Vladimir Putin. Putin pointed out that digital currencies have become a means of payment in many countries around the world.. Putin also warned that digital currencies provide opportunities for money laundering, tax evasion and financing terrorism, and therefore carry serious risks. then Russia’s Finance Minister Anton Siluanov stated that the state has decided to control digital currencies.

Siluanov also said in September that there was no point in banning digital currencies.

However, a different comment came from the Russian Minister of Economic Development Maxim Oreshkin. Speaking to Russia Today, Oreshkin said:

“Look at how bitcoin is fluctuating, it goes up too much and goes down too much. A worse investment tool than gambling for an unskilled investor. First you win, then you lose everything and you have nothing left.”

Oreshkin also compared the volatility of the Bitcoin price in recent weeks with the Russian Ponzi scheme MMM.

Russia’s Finance Deputy Minister Alexei Moiseev had previously expressed similar views to Oreshkin’s comments.. Moiseev compared Bitcoin to pyramids.

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