Russian lawmaker believes Bitcoin is a deadly speculative scheme robing governments of capital

A report in the market says that a senior Russian lawmaker in the State Duma remarks imply that cryptocurrencies are a threat to governments. This is according to a report published by Rambler, a Russian financial media outlet.

The lawmaker, Nikolai Arefiev who is a member of the Communist Party of the Russian Federation and doubles up as the chairman of the Duma’s committee in charge of economic policy, innovative development as well as entrepreneurship says that digital assets were formed to hide a colossal amount of assets from governments around the world.

He believes that if digital assets like Bitcoin had made their debut in 1994, Russia would not exist at the moment due to the loss of capital to offshore crypto accounts. Arefiev was speaking during in a press conference aired by a local media agency, National News Service.

He warned that governments making attempts to regulate cryptocurrencies are likely to struggle or fail to do all together. Arefiev added that the jurisdictions that have put a ban on cryptocurrencies are on the right path to protecting state capital. He also commented on speculative capital that create money from money without any products. According to Arefiev, Bitcoin falls among these speculative schemes. The cryptocurrency market is still unregulated in Russia besides, the prime minister of Russia Dmitry Medvedev recently said that regulation of the sector is not a priority for the country.