Categories: News

Alexander Bastrykin Views Bitcoin as a Grave Threat to the Russian Federation

According to recent statements by Alexander Bastrykin, Chairman of Russia’s Investigative Committee, digital currencies such as Bitcoin pose a great threat to the state’s monopoly on the issuance of currency. The chairman warned that the rapid proliferation of virtual currency will eventually result in the destabilization of the financial health of the Russian Federation:

“According to expert estimates, the turnover of money substitutes in Russia for up to 1 percent of GDP. If you exceed this figure by more than 10 percent of this tool will represent a real threat to the financial stability of the state.”

In an interview with Rossiyskaya Gazeta, Bastrykin argued that criminals and terrorists are the primary beneficiaries of anonymous virtual currencies such as Bitcoin, “Anonymity payments motivates the use of virtual currency for crime, including such as trafficking in drugs, arms, terrorism financing, tax evasion.”

Bastrykin’s official position is that the issuance and distribution of unauthorized  “money surrogates” within Russia must be stopped before it reaches critical mass, “Therefore, it would be better to prevent the spread of surrogates at the stage of initial development of this market.”

Bastrykin is not the only Russian official advocating a blanket ban on virtual money. The Duma, Russia’s legislative assembly, is currently reviewing legislation that will effectively criminalize the issuance and usage of digital currencies.

Related Post

 

Image Source: 1

Source: http://www.rg.ru/2016/01/14/sk-site.html

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

28 mins ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

43 mins ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

4 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

5 hours ago

IntelMarkets (INTL) Receives Massive Demand From Chainlink And SUI Investors Looking To Position For The Best Bull Run Gains

As the cryptocurrency market gears up for a bull run, IntelMarkets (INTL) is attracting significant…

5 hours ago

FOMO Selling Trigger $1 Billion Liquidations as LINK & SOL Bleed Heavily; What to Do Next?

In the past, Chainlink (LINK) and Solana (SOL) have been among the most discussed altcoins…

11 hours ago