Bitcoin is not a currency but a store of value, and cannot be legalized in Russia due to its high volatility. This was stated by Anatoly Aksakov, head of the State Duma committee on the financial market, in an interview with TASS.
Aksakov believes that for regulating cryptocurrencies in Russia, “an adequate mechanism has been proposed, similar to what happens in the securities market”.
He noted that the passage of the taxation bill on digital-asset transactions is slow, because “questions about essential categories — what is cryptocurrency, how to define it” have arisen.
According to Aksakov, crypto-asset holders themselves “are asking for a legalized mechanism by which they could pay taxes”. The official noted that for now, declaring cryptocurrencies is voluntary.
Aksakov also stated that mining is gradually losing popularity:
“For two years, there has been talk of mining, farms were bought; now people are forgetting about mining, this business is leaving.”
The official added that he is negative about Bitcoin. Primarily because of its volatility:
“This is no longer a currency; it is more of a store of value. At the same time, as a financial asset, Bitcoin is very volatile. Naturally, legalizing such a volatile asset, especially for an unqualified investor, is in no way permissible.”
When asked whether Aksakov himself holds cryptocurrencies, he said that deputies are prohibited from owning them. However, he admitted that in the past he wanted to invest in Bitcoin, but at that time it had already grown significantly.
“If it were worth 100 rubles, I would buy it,” the official said.
Earlier this year, Aksakov said Bitcoin is not backed by anything and sooner or later this bubble will burst.
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