February 8, 2023

Bank of Russia: cryptocurrencies are a high-tech financial pyramid

First Deputy Chairman of the Financial Regulator Sergey Shevtsov criticized digital money and stated that their future in the "deep fog".

Cryptocurrencies do not have intrinsic value, it“A high-tech financial pyramid,” said the first deputy chairman of the Bank of Russia, Sergei Shevtsov. He said that digital money is used as a means of payment, and their prospects are currently unclear.

“I do not recommend anyone to invest in something that does not carry any obligations,” Shevtsov emphasized.

In his opinion, the ability to bypass cryptocurrenciescertain regulatory limitations are a temporary phenomenon. The first deputy chairman of the financial regulator added that the future of cryptocurrencies is in a “deep fog”.

Shevtsov hoped that the bill on Digital Financial Assets would be adopted in the current session. He added that the regulator opposes the legalization of cryptocurrency circulation.

“We are not going to facilitate the acquisition of cryptocurrencies by our citizens, especially for investment purposes,” Shevtsov concluded.

The draft law “On CFA” must be adopted by 1November 2019 According to the head of the Duma committee on the financial market, Anatoly Aksakov, the document is ready, the question remains of the legalization or ban of cryptocurrencies in the country. September 18, this issue should have been considered at a meeting with First Deputy Prime Minister Anton Siluanov, but the meeting was postponed indefinitely.