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Russia’s ex-finance minister warns against participation in cryptocurrency mining projects

November 23, 20:11 UTC+3 ST. PETERSBURG

Cryptocurrency mining is just in its youth and is a risky business, says ex-finance minister Alexei Kudrin

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©  Artyom Korotayev/TASS

ST. PETERSBURG, November 23. /TASS/. Ex-finance minister and chief executive of the Center for Strategic Research (CSR) Alexei Kudrin cautions Russians against participation in cryptocurrency mining projects in two coming years. Cryptocurrency mining is just in its youth and is a risky business, he told reporters on Thursday.

"Cryptocurrencies will definitely become a serious instrument and a technology of the future but now they are in a formative stage. I would caution against creating factories so far. These are temporarily received money: someone will earn but many will lose," Kudrin said, comparing this activity with casino.

Current depositors do not understand all scales, consequences and process difficulties, and over 90% of current cryptocurrencies will therefore cease to exist, he said. "The understanding of rules to be established in this sphere in order to protect the consumer in the first instance, those buying and contributing their money, will appear in two coming years only. Furthermore, attempts of hacking and influencing on cryptocurrencies are in place, therefore this is an unreliable area for investments now, he added.

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