Former Deputy Minister for Finance of Russia: Bitcoin is the Biggest Financial Breakthrough in Fifty Years

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Alexei Savatyugin, former deputy minister for finance of Russia called cryptocurrency the biggest financial and economic breakthrough in last fifty years. He stated that in an interview to publication The Banker. In addition, he noted that there were not many revolutions of that kind in the history of the civilization.

According to Savatyugin, banning Bitcoin in Russia would result only in freezing yet another market. Non-acceptance of cryptocurrency, to his reckoning, is related exclusively to the regulator’s reluctance to puzzle out what bitcoin and the blockchain are, how they work, and how it could regulate the innovative phenomena.

“I understand the banners’ logic very well. I should note that the Central Bank is way more constructive about it now. They don’t say it must be banned, they say let’s take a look. It is my former colleagues from the ministry of finance who propose criminal punishment for cryptocurrency issuance. It is they, not the Central Bank,” he said.

Earlier the Russian Ministry of finance stated it considers bitcoin and the blockchain separately. Probably, no one is going to ban the technology underlying bitcoin. However, recently the regulator presented a draft law on banning Ponzi schemes, which they deem similar to bitcoin.

“Puzzling out those blockchain technologies takes someone capable of puzzling out. But for now it’s just some serious people saying it’s a threat to national security, undermining of stability, and a shadow issuance center set to undermine our financial stability,” he added.

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