The head of Committee GD: cryptocurrency will attract Russian investment

The legalization of crypto-currencies would allow Russia to attract foreign investment, including from countries that joined the anti-Russian sanctions, said at the parliamentary hearings in the state Duma on the development of the digital economy the head of the Duma economic policy Committee, Sergei Zhigarev (LDPR).

«Legalizing digital currencies as a means of payment can help attract investment from foreign countries, including Western, in terms of sanctions. So before us is a tool that will help us to attract the capital that we need today. Will transform the whole banking and financial system, so it will be an intermediary between the project and the investor, and for this we need to be ready,» he said.

According to him, cryptocurrency needs to be backed by real assets.

«The prospects are only those cryptocurrencies that are backed by some real assets. Today’s cryptocurrency secured by the speculation – and less than two months the exchange rate for bitcoin has fallen by 59%. Capitalization of cryptocurrencies in General have been cut in half, from $600 billion to $300 billion of Such fluctuations can only be found in speculative instruments,» – said the Deputy.

Zhigarev believes that the market can leave large companies with their digital currencies, he expressed hope that Russian companies will be involved.

However, he reminded about the use of cryptocurrencies in crime – «drug traffickers, fraudsters, terrorists», and reiterated the need to develop a mechanism to prevent it.

«Probably even have to discuss the prohibition of certain cryptocurrencies, through which, according to some information, first and foremost is the financing of terrorism», – said the Deputy.

Zhigarev also drew attention to the lack of proper infrastructure transfer cryptocurrency into Fiat currency and back.

«ATMs that support bitcoin transactions – bicoloratum – we are almost there, while the US has 890 such devices in England – 79, Spain – 44», – he added.

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