{"id":61167,"date":"2017-10-19T14:11:20","date_gmt":"2017-10-19T21:11:20","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=61167"},"modified":"2017-10-19T14:12:49","modified_gmt":"2017-10-19T21:12:49","slug":"russian-economic-minister-says-bitcoin-worse-than-casinos","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/","title":{"rendered":"Russian Economic Minister Says Bitcoin \u2018Worse than Casinos\u2019"},"content":{"rendered":"

Russian Economic Development Minister Maksim Oreshkin issued a warning that bitcoin may not be a suitable investment vehicle for most people, comparing investing the digital currency to casino gambling.<\/p>\n

\"Bitcoin
A Russian government official compared investing in bitcoin to casino gambling, citing the cryptocurrency\u2019s highly volatile nature. (Image: Steemit.com)<\/figcaption><\/figure>\n

The comments came during a discussion at the World Festival of Youth and Students in Sochi, the city that hosted the 2014 Winter Olympics.<\/p>\n

\u201cIf you look at how the value of this asset fluctuates, it\u2019s dozens of percent up, then dozens of percent down,\u201d Oreshkin said. \u201cAn asset that can be available for an unqualified investor should not have such characteristics because it\u2019s worse than casinos. First, you earn, then you will lose everything and be left with nothing.\u201d<\/p>\n

Oreshkin would go on to say that this volatility would lead to losses for unprepared investors \u201cin 99.9 percent of cases.\u201d<\/p>\n

Highly Volatile Bitcoin Continues to Grow<\/strong><\/h2>\n

A look at the history of bitcoin\u2019s value<\/a> might make investors question this statement. It is true that the price of bitcoin has always been highly volatile, a characteristic that reasonably calls into question its value as a currency for many people.<\/p>\n

However, the price of the cryptocurrency has consistently been on the rise in the long term. Despite many large fluctuations along the way, the price of a single bitcoin is up more than 800% in the last year, according to figures compiled by Coinbase<\/em>.<\/p>\n

Oreshkin stopped short of calling for a full ban on the digital currency in Russia. Instead, his ministry proposes restricting the right to trade Bitcoin to only qualified investors. In his mind, that would mean those who have at least six million rubles ($100,000) in the bank, make at least 40 transactions a year with a turnover of six million rubles, or have two years of experience at a financial institution that trades securities.<\/p>\n

These comments follow an announcement in August in which the Moscow Exchange said they were working on mechanisms to allow for regulated trading of bitcoin and derivatives based on the currency, such as Exchange Traded Funds.<\/p>\n

But even then, Russian officials noted their skepticism about offering digital currency investments to the public.<\/p>\n

\u201cThere is a point of view that cryptocurrencies like bitcoin are a financial pyramid,\u201d Deputy Finance Minister Aleksey Moiseev told a Russian television station. \u201cIt\u2019s hard to argue with this point of view.\u201d<\/strong><\/p><\/blockquote>\n

Russia Reportedly Working on \u2018CryptoRuble\u2019<\/strong><\/h2>\n

The Russian government<\/a> may have other reasons for keeping their citizens from buying bitcoin that go beyond concerns for their safety.<\/p>\n

Just days earlier, reports began to surface suggesting that Russia might become the first nation to launch their own cryptocurrency.<\/p>\n

Referred to as the CryptoRuble, the proposed digital currency would share some characteristics with others like bitcoin and Ethereum, such as being based on a blockchain.<\/p>\n

However, users would not be able to mine the currency, and the government would hold centralized control over the CryptoRuble.<\/p>\n","protected":false},"excerpt":{"rendered":"

Russian Economic Development Minister Maksim Oreshkin issued a warning that bitcoin may not be a suitable investment vehicle for most people, comparing investing the digital currency to casino gambling. The comments came during a discussion at the World Festival of Youth and Students in Sochi, the city that hosted the 2014 Winter Olympics. \u201cIf you […]<\/p>\n","protected":false},"author":42,"featured_media":61203,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,61],"tags":[],"acf":[],"yoast_head":"\nRussian Economic Minister Says Bitcoin \u2018Worse than Casinos\u2019<\/title>\n<meta name=\"description\" content=\"A Russian government official suggested that Bitcoin is too dangerous for the general public to invest in, comparing its volatility to casino gambling.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russian Economic Minister Says Bitcoin \u2018Worse than Casinos\u2019\" \/>\n<meta property=\"og:description\" content=\"A Russian government official suggested that Bitcoin is too dangerous for the general public to invest in, comparing its volatility to casino gambling.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-19T21:11:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-10-19T21:12:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/download.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"318\" \/>\n\t<meta property=\"og:image:height\" content=\"159\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/\",\"url\":\"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/\",\"name\":\"Russian Economic Minister Says Bitcoin \u2018Worse than Casinos\u2019\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/download.jpg\",\"datePublished\":\"2017-10-19T21:11:20+00:00\",\"dateModified\":\"2017-10-19T21:12:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"A Russian government official suggested that Bitcoin is too dangerous for the general public to invest in, comparing its volatility to casino gambling.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/download.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/download.jpg\",\"width\":318,\"height\":159,\"caption\":\"A Russian government official compared investing in bitcoin to casino gambling, citing the cryptocurrency\u2019s highly volatile nature. (Image: Steemit.com)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Russian Economic Minister Says Bitcoin \u2018Worse than Casinos\u2019\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\",\"name\":\"Casino.org Staff Writer\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0853bd574da5b217483afb1fbbee33a5?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0853bd574da5b217483afb1fbbee33a5?s=96&d=mm&r=g\",\"caption\":\"Casino.org Staff Writer\"},\"url\":\"https:\/\/www.casino.org\/news\/author\/corg-staff-writer\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Russian Economic Minister Says Bitcoin \u2018Worse than Casinos\u2019","description":"A Russian government official suggested that Bitcoin is too dangerous for the general public to invest in, comparing its volatility to casino gambling.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Russian Economic Minister Says Bitcoin \u2018Worse than Casinos\u2019","og_description":"A Russian government official suggested that Bitcoin is too dangerous for the general public to invest in, comparing its volatility to casino gambling.","og_url":"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2017-10-19T21:11:20+00:00","article_modified_time":"2017-10-19T21:12:49+00:00","og_image":[{"width":318,"height":159,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/download.jpg","type":"image\/jpeg"}],"author":"Casino.org Staff Writer","twitter_card":"summary_large_image","twitter_creator":"@Casino_Org","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Casino.org Staff Writer","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/","url":"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/","name":"Russian Economic Minister Says Bitcoin \u2018Worse than Casinos\u2019","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/download.jpg","datePublished":"2017-10-19T21:11:20+00:00","dateModified":"2017-10-19T21:12:49+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77"},"description":"A Russian government official suggested that Bitcoin is too dangerous for the general public to invest in, comparing its volatility to casino gambling.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/download.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/10\/download.jpg","width":318,"height":159,"caption":"A Russian government official compared investing in bitcoin to casino gambling, citing the cryptocurrency\u2019s highly volatile nature. (Image: Steemit.com)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/russian-economic-minister-says-bitcoin-worse-than-casinos\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Russian Economic Minister Says Bitcoin \u2018Worse than Casinos\u2019"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77","name":"Casino.org Staff Writer","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0853bd574da5b217483afb1fbbee33a5?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0853bd574da5b217483afb1fbbee33a5?s=96&d=mm&r=g","caption":"Casino.org Staff Writer"},"url":"https:\/\/www.casino.org\/news\/author\/corg-staff-writer\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/61167"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=61167"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/61167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/61203"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=61167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=61167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=61167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}