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

Russia's Economic Development Ministry compared Bitcoin's notorious Ponzi scheme MMM.

Speaking at the Federation Council, Maxim Orecin "dubbed" the topic of "ineligible investors" to buy cryptocurrency.

"If you look at the price mobility of bitcoin, they are very much like the price of MMM," ​​they quoted by local news outlets RIA Novosti.

MMM originated in Russia in the late 1980s because the product law enforcement of Serial First Sergee Maverody closed the plan and arrested Mawrodi in 2003, but MMM resumed in 2011 and now in Africa Aggressively targeting consumers.

"There are a lot of risks for those who are interested in [bitcoin]," Oshkin continued.

"It is clear that the state can not protect these people; their actions come completely at their own risks. I just want to be very careful about this issue."

Minister's comments In the increasingly opposite situation, the Russian authorities have adopted Bitcoin.

A similar offer to restrict Bitcoin to "qualified investors" was initiated earlier this month by country's Deputy Finance Minister Alexei Moisev, while central bank chief Alvira Nabilna said that he would "give it" clearly on the Moscow Stock Exchange Giving permission.

At the same time, the pace of state-sponsored efforts to accelerate Russia in mining is accelerating because China's supremacy appears to cause envy.