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Sad Future Awaiting Bitcoin — Russian MP

07:03 25/10/2018

A “sad” future is awaiting bitcoin and other cryptocurrencies, and they will disappear from the financial market over time. Anatoly Aksakov, the head of the State Duma Committee on the Financial Market, expressed this opinion in an interview with the journalist of the parliamentary television channel Duma TV.

 

In the interview, Aksakov explained the reason for exclusion of the concepts of ‘mining’ and ‘bitcoin’ from the draft law “On digital financial assets,” where he acts as one of the authors of the draft document.

 

 

There are many cryptocurrencies, whose essence cannot be explained, they can be called unsecured. The unjustified excitement resulted in the fact that the bitcoin price soared to $20,000. However, now the hype has disappeared, interest in cryptocurrencies is falling, and they will disappear from the financial market, the deputy stated. Probably, the cryptos backed up with some value will appear in the future, but they do not exist yet.

 

The legislator spoke with much greater optimism regarding blockchain, calling the technology promising. The bill will indicate that the distributed ledger technology can be used for organizing initial coin offering and the work of investment companies, Aksakov stressed.

 

 

Earlier, deputies expressed different opinions and formulations regarding the concept of ‘bitcoin’ and thought about the options for its introduction into the economic system but later decided to exclude it. Based on these considerations, they did not give a definition of mining in the bill, the deputy added.

 

Earlier, the representatives of CryptoUniverse Group appealed to the Russian Ministry of Finance with a proposal to assign the self-employed status for the state miners.

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  1. John:
    10/25/18 at 12:11

    Bitcoin had the same boom and bust cycle before 2017, only NPCs call it hype.