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The State Duma, Russia’s lower house of the Federal Assembly, announced that it may initiate a special bill in October that will regulate the trade of digital currencies, as reported by Jens Kalaene at RT.
As many other big “players”, like China, are now trying to get hold of the overwhelming popularity of cryptocurrencies, with most of them neither regulated nor monitored, Anatoly Aksakov, the Chairman of the State Duma Committee, announced that a bill that is to be prepared in October, may change the regulation on cryptocurrencies.
The Russian government has also pointed out that it is their job to protect the public from cryptocurrency trading, since it is highly volatile and “resembles a pyramid”.
That claim was further supported by the Governor of the Central Bank of Russia, Elvira Nabiullina, who also believes that bitcoin trading is a pyramid scheme. Just as a series of CEOs, government heads and finance industry leaders, like Ray Dalio of Bridgewater Associates and Jamie Dimon of JP Morgan Chase, have debunked bitcoin as a “fraud” and a “pyramid”. As Jens Kalaene from RT stated, “To get the status, you need to have at least six million rubles on your account ($100,000), make at least 40 transactions a year with a turnover of six million rubles or have worked for at least two years in a financial institution that traded securities.”