Siluanov: cryptocurrency should work only professionals

The Finance Ministry proposes to regulate the handling and cryptocurrency transactions, like transactions on the securities market and to admit to trading such tools only professionals, not ordinary citizens. The head of the Ministry of Finance of the Russian Federation Anton Siluanov said in an interview with TV channel «Russia 24».

He confirmed that it is now considered the bill prepared by the Ministry of Finance, which will determine the order of issue, taxation, purchase and treatment of cryptocurrencies.

«This bill is as follows: with cryptocurrencies should operate by professional market participants, it should not be simple citizens», – said the head of the Ministry of Finance.

According to him, the citizens, seeing that cryptocurrency, in particular bitcoin is growing too fast in price, wanted to invest in it and earn on the growth rate, but now the situation with the dynamics of bitcoin has changed.

Siluanov reminded that investing in crypto currencies, most of which have signs of financial pyramids, are high-risk in nature. He stressed that the task of the Ministry of Finance is to protect ordinary citizens from investing in «such speculative instruments» and advised not to contact them.

Siluanov also said that in the framework of the program of increase of financial literacy of the population, the Ministry of Finance does not recommend the Russians to work with cryptocurrencies.

«We together with the Central Bank work here. Here and program in the schools here and the teacher training program here and work in the media. Therefore, these programs are really implemented. We believe that the effect is, it is, of course, gradually, but our people have become careful in their financial operations,» he said.

At first glance the Minister’s words are quite logical, but in practice cryptocurrencies from the point of view of the Ministry of Finance in this case, do not look high-risk instrument, or «financial pyramid», and privileged asset access to which will have only a select few. The greater part of the arguments of the Ministry of Finance looks outdated or far-fetched, because the volatility of cryptocurrencies, and despite the manifold increase this year, much lower volatility of many stocks to trade which, nevertheless, admitted «mere mortals».

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