Cryptocurrencies can destroy Russian economy, says state official

According to Paul Livadniy, the deputy director at the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitrong), cryptocurrencies such as bitcoin threatens the Russian economy and could lead to its destruction.

As reported by Russian publication Lenta.ru, Livadniy compared cryptocurrencies to traditional currencies. While the latter are issued by the state — providing greater controls such as adjusting its supply to the market while being aware of balances and the means to fight inflation, — the former could bring about the downfall of the country’s economy.