Bitcoin's having a wild day.
The Financial Times on Tuesday reported that Putin said cryptocurrencies like bitcoin pose "serious risks" and allow for people to "launder criminally obtained money, evade taxes and even finance terrorism, as well as, of course, perpetuating fraudulent schemes that obviously may affect ordinary citizens".
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Putin is now in Sochi for a summit involving multiple global issues, and on Tuesday he finally addressed the future of cryptocurrencies in the eyes of Russian Federation after months of speculation and signaling. According to Interfax, Shvetsov compared what's now happening in digital currencies to a pyramid scheme, saying: "Obviously, during the growth of the pyramid, interest in this pyramid is fueled by high profitability". Also the above mentioned bodies carry out some additional analysis of risks concerning the use of monetary surrogates for criminal purposes.
"In a number of countries, cryptocurrencies are becoming or have already become a full-fledged means of payment, as well as a means of investment".
"It's also important not to put up too many barriers", Putin added.
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The sharp rally in Bitcoin comes a month after China clamped down on bitcoin related activity, ordering domestic bitcoin exchanges to cease operations. What makes the most sense in Russia's oligarchal system is for the government and a select group of lucky private interests to own the cryptomarket that they eventually approve.
According to CoinDesk's popular price index, which aggregates prices from four exchanges, the digital currency fell more than $600 in just a few minutes.
Shevstov, however, said the exchanges are going.
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