Bitcoin Can Wreak Havoc by 'Ruining' Governments: Senior Russian Official




  • In Business
  • 2019-05-21 17:25:34Z
  • By CCN
 

By CCN: A top official with Russia's State Duma (the Russian Parliament) warned that bitcoin has the capacity to ruin governments because it could facilitate the offshoring of massive amounts of money.

Nikolay Arefyev, the deputy chairman of the State Duma committee on economic policy, sounded the alarm at a May 20 press conference, Rambler reported.

Official: We don't want capital exodus from Russia

Specifically, Arefyev warned that cryptocurrencies could lead to Russia's collapse because it could trigger a mass-withdrawal of capital to offshore accounts.

Arefyev noted that since 1994, about 210 trillion rubles (or $3.25 billion) have been withdrawn from Russia. That's equivalent to half of Russia's annual budget.

Arefyev: Purpose of bitcoin is tax evasion

Arefyev claims bitcoin was created to hide large amounts of money in secret offshore accounts in order to enable wealthy individuals and entities to avoid paying taxes.

Therefore, Nikolay Arefyev says it's useless to integrate bitcoin with Russia's current financial system because it's too speculative and shady. Instead, he suggested that a better approach would be to ban cryptocurrencies altogether.

Read the full story on CCN.com.

COMMENTS

More Related News

Russia
Russia's New Weapons: From Doomsday Nuclear Torpedoes to Skyfall Missiles
  • World
  • 2019-08-20 13:17:00Z

The incident itself had immediate and drastic effects: five dead and a spike in radiation that was up to 16 times higher than normal. But the larger fallout from the Aug. 8 explosion of a nuclear-powered cruise missile on Russia's White Sea coast has drawn renewed attention to the development of some of the country's newest, high-tech strategic weapons. The development of the weapon in question fits into Moscow's broader effort to maintain its nuclear deterrent. While Russia's ambitions are pushing the boundaries of its capabilities in some of these projects - to even deadly results, as the most recent case demonstrates - the overall effort will undoubtedly force the United States into a...

Leave a Comment

Your email address will not be published.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

Cancel reply

Comments

Top News: Business

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.