Maksim Oreshkin – a Russian Economic Development Minister – has pointed out some of the impacts of Bitcoin (BTC) on the world despite the recent price trend of the digital currency. He said Bitcoin (BTC) has deflated like a “soap bubble.” However, he said the digital currency has had a positive impact on the world by boosting investment in new technologies.
Bitcoin (BTC) Has Impacted the World Positively
The Russian economic minister said that regardless of the woes of the digital currency market, the trend and news around the industry has attracted a lot of international interests. More institutions, firms, organizations, and projects are now venturing into the field, basically blockchain technology. The minister said this while speaking at Russia Calling on Wednesday. Russia Calling is an investment forum that was organized by VTB Capital.
While speaking at the event, Oreshkin said: “You may recall what I said, for instance, in 2017, when the value of Bitcoin (BTC) surged to almost $20k, and now it’s trading around the $4k level, we said very simple things. Bitcoin (BTC) itself is like a soap bubble, the bubble deflated, that’s what happened. Unfortunately, a lot of people were affected as a result of their investment in the digital currency. However, when it comes to new businesses and new technologies, the crypto industry gave a positive impetus.”
Russia Is Yet To Establish Crypto Trading, Mining, and ICO Legal Status in the Country
The comments of the minister are in line with the general reaction of Russia to the growth of digital currency. Russia is yet to firmly establish the legal status of digital currency trading, mining, and Initial Coin Offerings (ICOs) in the country. What the authorities of the nation are doing is just issuing investment advisories from time to time.
A lot of prominent voices have encouraged the adoption of blockchain technology for a wide range of reasons, such as using a gold-linked digital currency to protect the exportation of arms. However, this is still far from happening. So far, the interest of Russia in Bitcoin (BTC) has been greatly restricted to facilitate foreign missions looking for hard-to-trace cash.
About eight months ago, three bills were drafted, with the aim of closing the regulatory gap, and submitted for reading in the parliament of Russia. However, the bills included a clause that stated that the country doesn’t recognize digital assets as legal tender.
Back in June, Vladimir Putin – the President of Russia – said that while the digital currency phenomenon is still under the watch of the state, with great interest, it can’t sanction or issue such tokens at the moment. He said, by definition, digital financial assets are not in the regulatory scope of appropriate government agencies.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is currently trading at $4,231 after a decrease of less than one percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $73.63 billion and its trading volume over the past twenty-four hours is $6.17 billion.