Russian govt wants to protect public from bitcoin trading as it resembles ‘financial pyramid’
The Moscow Exchange is taking the bitcoins trend seriously to manage exchanging Bitcoin and other computerized money (digital currency). In the meantime, the Russian Finance Ministry says Bitcoin takes after a fraudulent business model, and exchanging ought to be constrained.
We are already working on creating an infrastructure for such trades, in particular, a platform for post-trading services for crypto assets,” a spokesperson for the Moscow Exchange told TASS news agency.
“The platform would allow trading both the crypto currencies themselves and their derivatives; the trade in form of Exchange Traded Funds would also be possible,” the Exchange said in a separate interview with the RNS news agency.
Russian officials are still not ready for crypto currency or they have doubts about.
“There is a point of view that crypto currencies like Bitcoin are a financial pyramid. It’s hard to argue with this point of view. The investments are very risky,” said Deputy Finance Minister Aleksey Moiseev in an interview with Rossiya 24 TV Channel.
As indicated by him, operations through the Moscow Exchange will permit “assurance of the privileges of purchasers and merchants,” and additionally ensure the execution of agreements, in the event that one of the party to the exchange ends up being out of line.
Moiseev added that the finance ministry wants to limit access “by the general public to Bitcoin trading because it is a very dangerous investment.”
The privilege to exchange bitcoins may be allowed to “qualified speculators.” To get the status, you need no less than six million rubles for you ($100,000), make no less than 40 exchanges every year with a turnover of six million rubles or work for no less than two years in a budgetary organization that exchanged securities.
Russia at first wanted to make the Law against crypto currency but they now want to use this currency as the asset for the country.