[17-10-19]Russian Economic Development Minister Calls Bitcoin Worse Than Casinos

[aysha9872]

Russia moves quickly in its push against Bitcoin and other decentralised currencies, as it first issued a ban on access to exchanges, then followed that up with a state-mandated currency.

This play is to seemingly control the burgeoning cryptocurrency market within its state borders, allowing the government to be in charge of digital currencies and of course to tax them.

The Russian regulatory model is one that is seemingly not against digital currencies, but against ones that are decentralized and not controlled by powerful officials. This has in turn seen more and more of those at the top in Russia come out and slander Bitcoin.

Russia’s Economic Development Minister, Maksim Oreskin, has said that Bitcoin is no better than casinos.

Taking a gamble
In a talk at the World’s Festival of Youth in Sochi, Oreskin said Bitcoin had characteristics that made it worse than casinos, state-backed Russian media outlet RT reported.

He was speaking on a day which saw Bitcoin suffer its deepest one-day decline in a month, with rumours circulating that the USA may well be clamping down in the near future.

“As for Bitcoin, if you look at how the value of this asset fluctuates, it's dozens of percent up, then dozens of a percent down. An asset that can be available for an unqualified investor should not have such characteristics, because it's worse than casinos. First, you earn, then you will lose everything and be left with nothing," Oreshkin said.

“Those who do not know how to manage risks in instruments with such volatility, should not be able to invest, because in 99.9 percent of cases it results in losses for such people and then they will find themselves in a difficult life situation, which is not good," Oreshkin added.

A Russian way of doing things
In a manner similar to the Russian state capture of cryptocurrencies, the finance minister has his own thoughts on how to deal with Bitcoin in the country.

Oreshkin has proposed granting the right to trade Bitcoins only to qualified investors. To get the status, you need to have at least six million rubles in your account ($100,000), make at least 40 transactions a year with a turnover of six million rubles, or have worked for at least two years in a financial institution that traded securities.
Source: https://cointelegraph.com/news/russian-economic-development-minister-calls-bitcoin-worse-than-casinos

[1715290943]

1715290943

[1715290943]

1715290943

[1715290943]

1715290943

[darkangel11]

“Those who do not know how to manage risks in instruments with such volatility, should not be able to invest"

He's not only an idiot, he also thinks that other people are. It's not the role of the government to decide for the people what they should do with their money. If someone wants to buy gold dust or 1 million bottles of wine with all his money he should be allowed to. You are in no position to tell a drunkard that he can't buy another bottle, just as you're in no position to tell an investor that he can't buy cryptocurrency!

[Taki]

“Those who do not know how to manage risks in instruments with such volatility, should not be able to invest"

He's not only an idiot, he also thinks that other people are. It's not the role of the government to decide for the people what they should do with their money. If someone wants to buy gold dust or 1 million bottles of wine with all his money he should be allowed to. You are in no position to tell a drunkard that he can't buy another bottle, just as you're in no position to tell an investor that he can't buy cryptocurrency!

I agree with those words. A human should decide in what to invest himself and what kind of risks it follows.
I don't know why our politics (I'm Russian) took such position to bitcoin. Yes, many people use crypto currencies for scamming, but bitcoin has many advantages about which people also should be informed, but not just got scared about all the possibilities of loosing money.

[TravelMug]

Those Russians are really showing their true colors about cryptos and its shows that they don't know nothing about it. They are really trying to control everything, even people who wants to "gamble" with bitcoin. I think everyone should have the freedom to do what he thinks is right, and besides if you gamble with bitcoin, you can easily won because the price keeps on going up. This year alone bitcoin has soar more than 400% and the price is tagged at $5700 now. Who wouldn't want that win? I guess Russia still wants to have that kind of power over its citizen and they want the rich become rich and poor to stay poor which that kind of statement. Some kind of authoritarian and oligarch in nature.