The central bank of Russia is skeptical about cryptocurrency acquisitions and does not support expanding access to the cryptocurrency market for Russian investors, the bank's deputy chairman told Prime business news agency this week.
The Central Bank of Russia is skeptical about cryptocurrency investments. The central bank of Russia is skeptical about cryptocurrency acquisitions and does not support expanding access to the cryptocurrency market for Russian investors, the bank's deputy chairman told Prime business news agency this week. One of the leaders of the international banking forum "Banks of Russia-XXI century" explained: As for buying [cryptocurrency] for investment purposes, we are skeptical about this idea. We believe that this is different from traditional assets, very risky and has signs of a pyramid scheme. Shvetsov repeated the "clear position" of the Central Bank that the only currency of the Russian Federation is "the ruble in any form, not in any form." Alternative money or foreign currency. "
We started working with the banking system to limit the emotional buying potential of these types of products by deferring payments when exchanging currency and cryptocurrencies. Sergei Shvetsov noted that while some governments are taking steps to legalize cryptocurrencies, there are concerns that this type of monetary system could collapse completely. “It's very likely that this will all fall to zero like a pyramid in technology finance,” he warns, adding that there could be hundreds of reasons. “From our point of view, this is a huge minefield,” said the head of the central bank.
Shvetsov's comment raises another concern. Nikita Zuborev, chief analyst at the popular exchange aggregator Bestchange.ru, told Forklog that the introduction of restrictions in itself is a very negative signal, and the consequences could be catastrophic for the country's crypto market. He also warned: Most affected are the OTC trading industries (exchange offices and users of P2P platforms) registered in the Russian Federation. Miners will also have to find a solution to keep their farms running, and selling rubles will be a problem. Andrey Tugarin, Managing Partner at GMT Legal, said it was illegal to restrict genuine cryptocurrency trading. The “current law on digital financial investments” allows any citizen of the Russian Federation to own, buy or sell digital currency, that is, bitcoin, and use it as an investment.