. Compared the cryptocurrency market with the global financial pyramid

© RIA Novosti / Alexei Danceparty in fotomancer economic development of Russia Maxim Oreshkin. Archival photo. Compared the cryptocurrency market with the global financial pyramid© RIA Novosti / Alexei Danceparty the image Bank

The development of the cryptocurrency at the global level resembles a pyramid scheme, said the Minister of economic development of Russia Maxim Oreshkin.

«Often the prices are (crypto currency — ed.) do not reflect the actual cost of such asset. This often happened with the pyramids in our country in past years, now we see that the situation is similar at the global level occurs with some cryptocurrencies,» said Oreshkin in an interview with TV channel «Russia 24».

In Russia and in the world in recent time has seen a rapid growth of interest in cryptocurrencies, and the cost of the most famous of them — bitcoin — this year has repeatedly hit record highs. Many countries have opened their markets to cryptocurrencies, however, the Russian authorities are wary of this issue. The head of the Central Bank Elvira Nabiullina said that the Bank of Russia intends first to examine thoroughly the principles of the cryptocurrency and then introduce their regulation, which depends on them to consider just how the digital asset or account of their monetary character.

«They should not be viewed as currency… need to consider them as an asset and value that asset be treated very carefully,» said Oreshkin.

This approach seems also to be a regulator — Chairman of the Central Bank Olga Skorobogatova in may, said that the Bank of Russia in a month will represent a variant of normative documents on taxation of cryptocurrencies, including bitcoin, as a digital product. Now in Russia there is a ban on production of money substitutes, but investing in them is not prohibited.

The bitcoin is divided into two separate currencies — Bitcoin (Original) Bitcoin and Cash due to the fact that the developers of cryptocurrency on 1 August launched a new Protocol of the blockchain SegWit2x.