"If Bitcoin appeared in 1994, Russia would have disappeared"

Since the Cointelegraph quoted the Russian news organization Rambler, a senior official in the State Duma argued that crypto coins had the potential to destroy governments.

A member of the Communist Party of the Russian Federation Nikolai Arefiev, deputy chairman of the committee for innovation and entrepreneurship, claimed that crypto coins were created in order to conceal huge offshore assets from the government

The 70-year-old emphasized that countries that decided to ban crypto coins chose the easiest way to protect their capitals and suggested that it was useless for governments to attempt to participate in crypto-money activities.

Arefiev also globally he warned the public of speculative capital, which he claimed was more than 90 per cent. According to Arefiev, Bitcoin is part of speculative plans that create money and not produce any product.

The crypto money industry is still not regulated in Russia. Recently, Russia's largest bank, Sberbank, has asked a client to provide information on revenue from crypto-money-related activities. Last week, Russian prime minister and former head of state, Dmitry Medvedev, said that crypto money regulations are not a priority for the Russian government because they lost popularity of crypto coins.

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