The Minister of Economic Development of Russia, Maksim Oreshkin referred to Bitcoin (BTC) as a “soap bubble” that has led to investors’ losses, Russian informational agency RBK reported Nov. 28.

Oreshkin referred to Bitcoin as a soap bubble that had just been blown away, stating: “When the cost of Bitcoin took off, there, almost to $20,000 – and now it is less than $4,000 – we said very simple things: Bitcoin itself is a soap bubble, it was blown away, this happened.”

However, Oreshkin also said that despite a fair number of losses among investors, cryptocurrencies “gave a positive impetus” to tech innovation. The Minister noted that many investment projects have been created within the industry of new technologies, such as blockchain, which is good for business.

His line is in keeping with the general Russian state reaction to the growth of cryptocurrency. Until now, the legal status of crypto trading, ICOs, and mining have not been firmly established in the country, with Russian authorities doing little more than issuing vague disclaimers and investment advisories from time to time.


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