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Aleksey Muratov: control of regulator and expert assessment allow to stabilize cryptocurrency market

State regulation and timely expert assessment of fintech projects will allow users of cryptocurrency, including Bitcoin, to protect their deposits. This was announced by Chairman of the Board of the International Public Movement Change the World Together Aleksey Muratov.

ʺOne of the problems of the current cryptocurrency market is an efficient level of security. Unfortunately, sometimes users have to deal with HYIP-projects in the form of financial pyramids, which often hide behind big-name brands. And considering that there is no a full-fledged expert base at the moment, it is quite difficult for a regular user to define the HYIP-project.,ʺ Aleksey Muratov noted.

According to him, even well-known Bitcoin exchanges have experienced such risks this year. ʺA Bitcoin exchange, which was founded in January of 2012 in Poland, suddenly went offline and then stopped working at all. Some of assets were lost as early as in October 2016, when issues with clients’ accounts began. The company promised to return clients’ deposits within 7 days, referring to external interference. Some of the clients appealed to police and went to court. The police does not rule out a fraudulent intent of Bitcurex, which stopped working when a rate of Bitcoin was high (over $1015). It should be noted that the Bitcoin exchange processed transactions worth more than $50 million over the last six year,ʺ Aleksey Muratov said.

However, Chairman of the Board of CWT said that such risks could be minimized by organizing experts in blockchain and controlling a regulator. ʺFor example, Japan is preparing to impose requirements on Bitcoin exchanges, which has been approved by a local cryptocurrency industry. The Cabinet of Ministers of Japan has also approved a bill to recognize digital currencies as real money or a legitimate means of payment. According to experts' forecasts, it will have a positive impact on entrepreneurs, who accept Bitcoin. In particular, some experts believe that their number may increase by 5 times to 20,000 in 2017,ʺ Aleksey Muratov stated.

Chairman of the Board of CWT expressed confidence that such measures may not only stabilize the cryptocurrency market, but also have a positive impact on countries’ economies. ʺThe Japanese government is confident that the use of Bitcoin will have a positive impact on the country's economy during the 2020 Summer Olympics, when many foreign tourists and Bitcoin users arrive to Tokyo,ʺ Aleksey Muratov assured.

Source: CWT News

  • February 10, 2017 10:35 PM MSK