Russian Lawmaker Warns Governments of Crypto Threats and Advises to Ban Cryptocurrencies

A Russian lawmaker with the Communist Party in the State of Duma has come up to advise governments of the world to steer clear and to never adopt Bitcoin and other cryptocurrencies as such digital assets could lead to their downfall.

Nikolay Arefyev (who also doubles as the Deputy Chairman of Duma’s committee in charge of economic policy, innovative development, industry, and entrepreneurship), warned governments sternly about the potential threat that Bitcoin and other cryptocurrencies hold.

According to Arefyev, Bitcoin and other cryptocurrencies would be the fall of any country that adopts them and officially integrate them into the state’s economy. He supported his claim by explaining that these crypto coins were created to conceal stupendous amount of money. He explained further that the very first crypto coin was created nineteen years ago (the year 2000) as the purpose of the digital coin was to circumvent government laws and evade taxation; had it been invented just a several years earlier, Arefyev claims that Russia wouldn’t have existed today since many would have shifted their funds to crypto.

The strongly concerned lawmaker elaborated more that today’s cryptocurrencies were born from that scheme. Whichever way digital currencies are painted, the Russian lawmaker warns that they all possess the same goal – which is, again, to circumvent federal laws and evade taxation.

Putting his point into perspective, Arefyev took his audience back down memory lane to the year 1994. He asserted that if Bitcoin and other cryptocurrencies were in existence as of 1994, there would be no Russia today. Explaining further, he made his audience understand that approximately $3.25 billion has been withdrawn from the Federation since 1994. Should Bitcoin and other cryptocurrencies be available during these early days, several billions of dollars would have been successfully stolen and kept in offshore accounts and there would be no trace of the money nor any trace of the Federation on the face of the planet nowadays.

Speaking to his audience at the National News Service conference, the lawmaker stated without mincing words that it is useless for governments to get involved with cryptocurrencies in terms of regulation. In fact, he added, the countries that have decided to cut off these deadly virtual currencies have chosen the easiest route to protect their capital, whereas governments that decided to integrate this new form of currency into their state’s economy are inviting threats into the country. Arefyev alerted about speculative capital which creates money from money without any product – of which Bitcoin is one.

It is important to note that there are other political voices in Russia as well, for instance a close advisor to President Putin who asserts that cryptocurrencies can actually help the state’s economy by avoiding U.S. sanctions.

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