Russian Think Tank Says the Bitcoin Boom Is Real

Gautham | June 5, 2017 | 5:30 pm
exchange, bitcoin, trading, exchainges

Russian Think Tank Says the Bitcoin Boom Is Real

Gautham | June 5, 2017 | 5:30 pm

Bitcoin has a bright future; the cryptocurrency is predicted to cross new milestones with time, believes Aleksey Kudrin. The ex-finance minister of Russia and the present chairperson of Council of the Center for Strategic Research, a think-tank –Kudrin was reported mentioning the upcoming developments in cryptocurrency segment at the recently concluded St. Petersburg International Economic Forum.

According to a prominent Russian news platform, Aleksey Kudrin has a mixed opinion of Bitcoin and other cryptocurrencies. Considering the growth of digital currency in recent months and its increasing usage not only among normal individuals but also cybercriminals has influenced Kurdin to seek increased regulations for the use of digital currencies. He believes that the increased penetration of cryptocurrencies among the population could also lead to its increased usage by perpetrators of online crimes. The recent WannaCry ransomware attack has further strengthened such a view among cryptocurrency and financial experts and bureaucrats.

Kudrin was quoted in the article saying,

“I don’t rule out that there is a bubble here, but for several years we will have an expansion of bitcoin use. We are facing risks of deflation, fraud schemes [and] a lack of sufficient regulation. But it will be used for now, will expand its boundaries,”

The opinion of Russia’s previous finance minister who held the office in 2000-2001 is quite similar to the stance adopted by his incumbent counterpart in the recent days. The ministry, which was on the verge of criminalizing the use of cryptocurrency within the country had a last-minute change of heart, choosing to come up with a more Bitcoin-friendly regulation to promote its use within the country.

Russia has already announced its plans to introduce Bitcoin regulations, enabling taxation of Bitcoin transactions while increasing the accountability of the country’s cryptocurrency platforms. Apart from a Bitcoin-friendly rule, the country is also expected to introduce its own national currency as well.

Some believe that the recent Bitcoin price trend is a bubble, driven by increased speculations. However, the increasing usage of cryptocurrencies as a mode of value exchange and as a back-end solution to facilitate faster fiat transactions has also contributed to the increased demand. All these factors make it likely for the cryptocurrency to increase in its value with time.

Ref: RT | Image: NewsBTC
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