The Bank of Russia became interested in investing Russians in cryptocurrency. The Central Bank began to study the amount of investments in order to develop a depositors’ protection strategy. According to the regulator, such investments are “potentially very meaningful”, since “many are looking for a light earnings, without understanding the huge risks.” This was announced by the director of the Financial Stability Department of the Central Bank of Elizabeth Danilov in an interview with Reuters, partly published on the Bank’s website.
To assess the interest of residents of Russia in the purchase of cryptoaculations of the Central Bank will hold a survey of market participants. “The transparency of this market is very low and in our other countries. It is necessary to work on the data, and over the increase in the level of awareness of citizens about the risks of such investments – not secured,” Danilov explained.
Risk protection measures are difficult, as the cryptocurrency market is international, and the Russians can invest in it through foreign intermediaries. “Derivatives on cryptocurrencies that carry huge risks are traded on some large foreign exchanges,” said Danilov, commenting on the possible ban on the purchase of cryptocurrency. The representative of the Central Bank recalled that Bitcoin and other currencies are very volatile, which, on the one hand, attracts investors because of the possibility to earn quickly, and on the other, threatens big losses.
In September, the Central Bank reported that they intend to limit the purchases of cryptocurrency. The first deputy chairman of the regulator Sergei Shvetsov said that the cryptocurrency market “as a high-tech financial pyramid can fall apart at zero.” According to him, the Bank of Russia is working with the banking system so that it began to block payments in favor of exchange points and cryptocrium, limiting the possibilities for “emotional purchases” of tokens.
Now in Russia, cryptocurrencies cannot be used as a means of means. However, Russian President Vladimir Putin recently made it possible that digital money is retracted to a means of calculation and accumulation. Nevertheless, the head of state believes that it is now “early”.