{"id":85423,"date":"2023-10-06T15:32:28","date_gmt":"2023-10-06T12:32:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85423"},"modified":"2025-09-12T23:14:14","modified_gmt":"2025-09-12T20:14:14","slug":"russian-finance-ministry-compares-cryptocurrencies-to-the-mmm-pyramid","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/russian-finance-ministry-compares-cryptocurrencies-to-the-mmm-pyramid\/","title":{"rendered":"Russian Finance Ministry compares cryptocurrencies to the MMM pyramid"},"content":{"rendered":"<p>Although many have made money from cryptocurrencies, all digital assets possess the traits of a financial pyramid. This view <a href=\"https:\/\/minfin.gov.ru\/ru\/press-center\/?id_4=38699-aleksei_moiseev_ya_vsegda_predosteregal_grazhdan_ot_investirovaniya_svoikh_sredstv_v_kriptovalyuty\">was said<\/a> by Deputy Finance Minister Alexey Moiseev.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSome may recall there was such a pyramid \u2014 &#8216;MMM&#8217; \u2014 in 1990. Many earned money from it. True, even more people lost money [\u2026]. You see, this is characteristic of any pyramid that someone profits. Therefore it becomes popular,\u201d the official said.<\/p>\n<\/blockquote>\n<p>Speaking at the Sirius-2023 International Forum on Financial Security, Moiseev reminded that he had repeatedly warned citizens against investing in cryptocurrencies.<\/p>\n<p>The deputy minister acknowledged the importance of digitisation for further development. In his view, the banking system is moving onto entirely new rails.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThat is fine, but cryptocurrency has nothing to do with this,\u201d Moiseev emphasised.<\/p>\n<\/blockquote>\n<p>In February 2022, Deputy Chairman of the Bank of Russia Vladimir Chistyukhin <a href=\"https:\/\/forklog.com\/en\/news\/central-bank-of-russia-opposes-non-qualified-investors-access-to-cryptocurrencies\">stated<\/a> that the central bank categorically objected to the influx of non-qualified investors into the market for digital assets.<\/p>\n<p>Moiseev agreed with the regulator&#8217;s assessment of cryptocurrencies as highly speculative and risky assets and with the <a href=\"https:\/\/forklog.com\/en\/news\/russian-authorities-unanimously-reject-bitcoins-status-as-a-means-of-payment\">ban on such settlements<\/a>.<\/p>\n<p>The Finance Ministry also <a href=\"https:\/\/forklog.com\/en\/news\/russias-finance-ministry-outlines-preliminary-scheme-for-taxing-cryptocurrencies\">spoke of plans<\/a> to cap investment amounts in cryptocurrencies for non-qualified investors.<\/p>\n<p>As reported, on August 1 in Russia <a href=\"https:\/\/forklog.com\/en\/news\/russia-legally-recognises-foreign-cbdcs\">the law came into force<\/a> on the digital ruble. Citizens will have the opportunity to use the new payment instrument <a href=\"https:\/\/forklog.com\/en\/news\/central-bank-outlines-timelines-for-broad-rollout-of-the-digital-ruble\">in 2025\u20132027<\/a>.<\/p>\n<p>In September, the Finance Ministry explained <a href=\"https:\/\/forklog.com\/en\/news\/finance-ministry-sets-out-accounting-rules-for-the-digital-ruble\">the accounting treatment<\/a> of <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a> operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While many have made money from crypto, all digital assets have the characteristics of a financial pyramid, according to Deputy Finance Minister Alexey Moiseev.<\/p>\n","protected":false},"author":1,"featured_media":85424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[27,1450],"class_list":["post-85423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-russia","tag-russian-ministry-of-finance"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=85423"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85423\/revisions"}],"predecessor-version":[{"id":85425,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85423\/revisions\/85425"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/85424"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=85423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=85423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=85423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}