The auditor of the Accounts Chamber of the Russian Federation, Alexey Savatyugin, considers cryptocurrency a significant phenomenon in global financialsystem, however, does not see its future as a means of payment and calls for strict regulation.
In his interview, Savatyugin noted thatIt is simply impossible to ignore a market with a capitalization of more than $2 trillion. But in his opinion, crypto assets are not backed by anything and are too dependent on market sentiment. Therefore, it is too early to talk about their use as a means of payment or a store of value.
This market is too risky, so it musttightly controlled by regulators. Savatyugin supports the central bank's stance on the crypto industry and doubts it will soften anytime soon.
At the same time, back in 2015, a representative of the department called cryptocurrency “the greatest financial breakthrough”, and the development of the digital ruble – "utterly absurd."
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