“Cryptocurrency is not an asset.” Russia’s Deputy Finance Minister speaks about the dangers of digital currency

Alexey Moiseev considers cryptocurrencies solely as a means of payment

12.10.2022 - 10:25

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1 min

What’s new? The Ministry of Finance of the Russian Federation has warned that storing savings in cryptocurrencies is very dangerous and associated with high risks of losing money. According to TASS, Deputy Finance Minister Alexey Moiseev told on the air of the radio station “Moskva.FM.” He believes that the main dangers are related to the high dynamics of quotations and the technological structure of cryptocurrencies.

Material by TASS

What else did Moiseev add? According to Deputy Finance Minister, the danger is also the fact that cryptocurrencies “do not have an obligated party.” He clarified that cryptocurrency may be considered “only as an element of foreign exchange settlements,” when other ways are limited by sanctions. In this, Moiseev added that “the secrecy of transactions is questionable,” especially when using foreign services.

In September, Moiseev said that the Ministry of Finance allows the possibility of using bitcoin and Ethereum for export payments. However, he gives preference to stablecoins, as they are “more predictable.” The Deputy Finance Minister also noted that it is best to choose platforms with high liquidity for payment.

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