The Russian minister of economy is in today’s bitcoin news, this time for describing the most dominant cryptocurrency as a quite unstable one. The Economic Development Minister of Russia, Maksim Oreshkin, has stated that while Bitcoin has deflated like a “soap bubble” it still impacted the world positively by boosting the investment in new technologies.
Oreshkin spoke to the media on Wednesday at Russia Calling, which is an investment forum organized by VTB Capital, saying that despite the woes on the market, the conversation around it has successfully driven significant international interest in a vast number of projects and new fields – with blockchain technology among the ones.
“You may recall what I said, for example, last year, when Bitcoin’s price jumped up to $20,000, and now it is lower than $4,000, we said very simple things. Bitcoin itself is a soap bubble, it deflated, that’s what happened. […] Unfortunately, many people were affected [because of their investments in cryptocurrency], but again, in terms of new technologies, new businesses, it gave a positive impetus.”
Oreshkin’s statements are in line with the general Russian state reaction to the growth of cryptocurrency. As a reminder, the legal status of crypto trading, ICOs and mining in Russia have not been firmly established in the country.
The president of Russia, Vladimir Putin, in June this year stated that while the country continues to look at the crypto “phenomenon” with great interest, it cannot issue or sanction the issue of tokens at the moment – as they fall outside the regulatory scope of relevant government agencies.
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