Published On: Wed, Aug 2nd, 2017

Russian Economic Minister Cautions Against Bitcoin ‘Pyramid Scheme’ As Russian Banks Adopt Blockchain Technology

Share This
Tags

Russian Economic Development minister, Maxim Oreshkin brands Bitcoin “a pyramid scheme” as the country’s largest banks including Sberbank PJSC and VTB Group look to a modified Ethereum blockchain to provide safer and faster payments.
What appears to be mixed messages coming out of Russia, where both a Bitcoin pyramid scheme warning and a veritable big bank endorsement of Ethereum based blockchain technology have been issued in the same week, proves indicative of the approach taken by governments around the world. Governments not wanting to stifle their countries’ role in what essentially amounts to be a technological revolution are taking a cautious and tentative approach to cryptocurrency in general.
In an interview with Russia’s Rossiya 24, Russian Economic Development Minister Maxim Oreshkin said (translated):
So far the markets of cryptocurrencies resemble a financial pyramid, and it is necessary to treat the value of this asset very carefully.
Technology Benefits

Bitcoin as a pyramid scheme investment is a warning issued by governments and investors around the world, carefully considering a balance between promoting the benefits of blockchain technology and protecting inexperienced investors from it. Governments are keen to emphasize that cryptocurrencies such as Bitcoin …

Read more –> click here all content is copyright Bitcoinist.

Need Bitcoin marketing and PR? Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin or cryptocurrency press release CLICK HERE..

Powered by ABITCO.IN

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

ALL Bitcoin News

Like what you’re reading?

Never miss any breaking Bitcoin news by following us on Facebook and Twitter!


SUBSCRIBE OUR RSS FEED AT: http://abitco.in/feed

×