Vladimir Putin denounced cryptocurrencies after citing that the technology “carries serious risk.”
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“cryptocurrencies are becoming and have already become more popular. They have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries. At the same time, use of cryptocurrencies also carries serious risks,” said Putin.
The price of bitcoin continues to rise even after the attacks by Russian economic leaders. At press time, bitcoin has risen to $4,844.
The Russian Central Bank continued to criticize the technology by calling cryptocurrencies a “pyramid scheme.”
“We have seen how Bitcoin has transformed a payment unit into an asset, which is bought in order to obtain a high yield in a short period of time. This is the definition of a pyramid.”
Russian government-owned RT quotes Putin as saying cryptocurrencies produce:
“Opportunities to launder funds acquired through criminal activities, tax evasion, even terrorism financing, as well as the spread of fraud schemes.”