Cryptocurrency Should Become an Instrument of Digital Economics

Published on 19 Jan. 2018
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Financial Market Committee Chief Anatolii Aksakov has expressed his thoughts on the Gaidar forum by voicing the problems of the cryptocurrency market in Russia.

He doesn’t rule out the creation of cryptoruble, announced last year.

If we speak about the format, then why not. I’m sure that there will be the launching of cryptoruble, but evidently, it will be pegged to the fiat ruble, just a different form of its work.

The official has assumed that cryptocurrencies can become a payment instrument but only when “digital money was pegged to securities that could be used as means of payment,” Aksakov has added.

He has also said that Russian official would be obliged to declare cryptocurrency. This will happen automatically, as soon as the law on cryptocurrency definition is adopted, provided that the law defines cryptocurrency as property. At the moment, the officials in Russia don’t need to declare cryptocurrencies.  

Also, Committee chief has shared that, in his opinion, 90% of present ICO are spam projects that gather money from those who desire to get rich fast and those who don’t have a clue about ICO. Sometimes people even buy Bitcoin as plastic or metal coins. So the government representative advised buying cryptocurrencies only on the legal platforms.

Anatolii Aksakow also compared the rush over cryptocurrencies with Tulipmania, similar to the head of the Central Bank of Denmark. But he highlighted that although everything had calmed down, the “tulips remained.”

A politician has added that digital currencies are a challenge for the financial government, and the Central Bank should actively participate in their regulation by submitting them to its credit and monetary politics and making them an instrument of economics’ “digitalization.”

Ambiguity and different approaches to the cryptocurrency development in the economic macro-space make politicians and financiers express diametrically opposed opinions and statements. Recent Gaidar forum in Moscow is a perfect example of this.

First deputy chief of the Central Bank Sergei Shvecov has also commented on the situation around the cryptocurrency market, stating that his institution is afraid of the “Viagra effect”:

Viagra was invented by accident during the work on the formula for the heart muscle strengthening. Cryptocurrency was created for the global market as the payment instrument, but as a result, it became a perfect platform for the financial pyramid.


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