The Ministry of Finance of the Russian Federation compared cryptocurrencies with MMM


Although many people have made money from cryptocurrencies, all digital assets have the properties of a financial pyramid. This opinion was expressed by Deputy Deputy Head of the Ministry of Finance of the Russian Federation Alexey Moiseev.

“Maybe someone remembers, there was such a pyramid – “MMM” – in 1990. Many people made money from it. True, even more people lost money […]. You see, it is typical for any pyramid that someone makes money. That’s why it’s becoming popular,” the official made the comparison.

Speaking at the Sirius 2023 International Forum on Financial Security, Moiseev recalled that he had repeatedly warned citizens against investing in cryptocurrencies.

The Deputy Minister recognized the importance of digitalization for further development. In his opinion, the banking system is “moving onto a completely new track.” In the future, commission income of financial institutions will be reduced to a minimum, since all transactions will take place in electronic systems that are cheap for the consumer, he believes.

“This is good, but cryptocurrency has nothing to do with this,” Moiseev emphasized.

In February 2022, Deputy Chairman of the Bank of Russia Vladimir Chistyukhin said that the Central Bank is categorically not satisfied with the entry of unqualified investors into the digital asset market.

Moiseev agreed with the regulator in assessing cryptocurrencies as a highly speculative and risky asset and regarding the ban on corresponding payments.

The Ministry of Finance also talked about plans to limit the amount of investment in cryptocurrencies for unqualified investors.

Let us remind you that on August 1, the law on the digital ruble came into force in the Russian Federation. Citizens will have the opportunity to massively use the new means of payment in 2025–2027.

In September, the Ministry of Finance clarified the accounting procedure for transactions with CBDC.

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