Bitcoin Price Is ‘Like MMM Ponzi Scheme’: Russian Economic Minister

By William Suberg
Source: https://cointelegraph.com/news/bitcoin-price-is-like-mmm-ponzi-scheme-russian-economic-minister

The head of Russia’s Ministry of Economic Development has compared Bitcoin to the infamous Ponzi scheme MMM.

Speaking at the Federation Council, Maksim Oreshkin repeated the theme of “unqualified investors” buying into cryptocurrency being “dangerous.”

“Because if you look at the dynamics of the Bitcoin price, they’re very like the price of MMM,” he said quoted by local news outlet RIA Novosti.

MMM originated in Russia in the late 1980s as the product of serial fraudster Sergey Mavrodi. Law enforcement shut the scheme down and arrested Mavrodi in 2003, but in 2011 MMM resurfaced and is now aggressively targeting consumers in Africa.

“There are very high risks here for those who are interested [in Bitcoin],” Oreshkin continued.

“It’s clear the state cannot protect these people; their actions come entirely at their own risk. I’m simply calling for everyone to be very careful with this issue.”

The minister’s comments continue the increasingly contradictory position Russian authorities have taken on Bitcoin.

A similar offer to restrict Bitcoin to “qualified investors” came from the country’s deputy finance minister Alexey Moiseev earlier this month, while central bank head Elvira Nabiullina said she was “categorically against” allowing it on the Moscow Stock Exchange.

At the same time, state-sponsored efforts to involve Russia in mining continue to gather speed as China’s supremacy seemingly becomes cause for envy.

Leave a Reply

Your email address will not be published. Required fields are marked *

Name *

ABOUT US

TokensFunds’ goal is to bring you the latest information and analysis on Bitcoin (BTC), the Blockchain, and Fintech. You will also be provided with up-to-the-minute news on the latest Initial Coin Offerings (ICOs).

DISCLAIMER

All information presented on TokensFund is for educational purposes only. We encourage all potential customers to practice due diligence before making any purchase. TokensFund is not responsible for any issues that may arise with 3rd party sites. Please consult local laws before investing. This site is meant to be a guide and NOT legal or financial advice. Thank you for visiting TokensFund.

Follow us on Twitter