Deputy Governor of the Central Bank of Russia: Buying cryptocurrency = entering a minefield

The Ross Central Bank once again reiterated its negative stance on Bitcoin, and a senior official of the central bank likened the cryptocurrency to a pyramid scheme.

In an interview on Wednesday, Sergey Shvetsov, the first deputy governor of the Russian Central Bank, expressed the authorities’ concerns about cryptocurrency investment and warned investors about the risk of loss.

Shvetsov said that local investors are increasingly investing funds in alternative financial instruments, which he called the “technical financial pyramid”, and said that Bitcoin is just one of such pyramid scams. He said that many retail investors hope to get huge returns from investing in cryptocurrencies. They want to sell real estate or loans to invest in Bitcoin, even though they face a “huge” risk of losing all their funds.

Shvetsov said: ” When buying Bitcoin, it is equivalent to a person entering a minefield, except for himself, no one can rely on, and no one can protect him. ” He emphasized that the Russian government has invested in cryptocurrency. There is no responsibility for the loss of the victim: “There is no need to walk in a place without the protection of the Russian Federation, where your money will be taken away, and there is nothing you can do about it.”

Shvetsov had previously made similar remarks on the cryptocurrency industry. He stated last year that the Russian Central Bank does not recognize the purchase of cryptocurrency as an investment, and called on the government and financial intermediaries to prevent Russians from buying cryptocurrency. As previously reported, Russian banks have also been banning local banks from providing cryptocurrency-related services.

However, cryptocurrency investment is becoming more and more popular in Russia. According to a report by the World Gold Council, last year, cryptocurrency was the fifth most popular investment tool in Russia, after savings accounts, foreign exchange, real estate and life insurance, and was slightly more popular than gold investment.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/deputy-governor-of-the-central-bank-of-russia-buying-cryptocurrency-entering-a-minefield/
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