September 23, 2020

First Deputy Chairman of the Bank of Russia: “The future of cryptocurrencies is in deep fog”

First Deputy Chairman of the Bank of Russia: “The future of cryptocurrencies is in deep fog”

Cryptocurrencies have signs of a “high-tech financial pyramid,” says the first deputy chairman Central Bank of the Russian Federation Sergey Shvetsov. He said this during a live broadcast on the official Youtube channel of the Bank of Russia.

“Cryptocurrency combines two characteristics. On the one hand, cryptocurrency is used as a means of payment. On the other hand, it is a high-tech financial pyramid. Naturally, I do not recommend anyone to invest in something that does not carry any obligations, ”he said.

The representative of the Central Bank admitted that the demand forCryptocurrencies come from the fact that they can be used as a means of payment, however, in this capacity, their role is often reduced to circumventing “certain regulatory restrictions”.

“But this phenomenon is temporary, all regulatorsWe agree that such restrictions should not be managed accordingly. The future of cryptocurrencies is in deep fog, I do not advise anyone to do this, ”he added.

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