Head of the State Duma Committee: legalization of the Crypto-currency will facilitate the inflow of foreign investments

Head of the State Duma Committee on Economic Policy, Industry, Innovative Development and Entrepreneurship Sergei Zhigarev is confident that soon large companies will enter the market with their crypto-currencies.

The politician is sure that the legalization of virtual currencies in the country will contribute to the inflow of foreign investments, including those from those territories that have joined sanctions against Russia.

"Legalization of crypto-currency as a means of payment can help attract investment from foreign countries, including Western countries, in conditions of sanctions. We have an instrument that will help us attract the capital to the country, which we need today. The banking and financial system is being transformed, the need for an intermediary between the project and the investor will disappear, and we need to be ready for this ", – said Zhigarev.

The MP sees a threat to the state monopoly on the issue of money. "This is an irreversible process that is difficult to control. The preference is given only to those crypto-currencies, which are supported by some real assets. Capitalization of crypto-currencies as a whole shrank by a factor of two: from $ 600 billion to $ 300 billion. Such fluctuations can be inherent only in speculative instruments ", – the deputy emphasized.

"We will witness the birth of a new market, free and open. I would like to hope that Russian companies are involved in this as well, – noted Zhigarev.

At the same time, he pointed out the popularity of crypto-currency among hackers, calling them a convenient means of payment for drug trafficking, fraud and terrorism. It is important for the state to develop a mechanism that prevents this.

"Probably, even we will have to discuss the ban on certain crypto-currencies through which, according to some information, terrorism is being financed", – said Zhigarev.

One of the most pressing problems is the lack of the proper infrastructure in the country for the transfer of crypto-currencies to Fiat and vice versa. "ATMs that would support operations with Bitcoin – bitcoinomats – we have almost no, only two for the whole country, and in the USA there are already 890 of such ATMs, in England – 79, in Spain – 44 and so on", – he added.

Author: Olga Novikova, Analyst Freedman Club Crypto News

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