Russian econ min says hype about cryptocurrencies on decline

SAMARA, Aug 1 (PRIME) -- Cryptocurrencies are becoming a less hot topic than before, Russian Economic Development Minister Maxim Oreshkin said on Wednesday at a forum.

“The hype we saw about this topic half a year ago is faltering,” Oreshkin said. “As to the cryptocurrencies, I would not call them currencies. The currency is something that can be used in our daily life and has a sustainable value…Cryptocurrencies are rather crypto assets whose prices can fluctuate dramatically, and they won’t play the role of currencies in their current form.”

Cryptocurrencies, initial coin offerings, mining or crowdfunding have no legal status in Russia. Several bills on the matter are being considered, however, it is clearly stated that digital financial assets are not a legal means of payment.

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