Bank of Russia opposes access by non-qualified investors to Bitcoin

The Bank of Russia is skeptical about treating cryptocurrency purchases as investments and will not facilitate greater access to them for non-qualified investors. Prime reports, citing the central bank’s first deputy chairman, Sergei Shvetsov.

The regulator believes that digital currencies possess features of a financial pyramid.

We believe that [cryptocurrencies] are a different entity from traditional assets, are highly risky, and have features of a financial pyramid. The Bank of Russia will certainly not assist in increasing access for Russian non-qualified investors as a whole — emphasised Shvetsov.

Earlier, the first deputy announced plans for regulators to legislatively broaden the ban on the use of cryptocurrencies, up to the introduction of administrative and criminal liability.

Additionally, the Bank of Russia began developing a mechanism to block bank payments to Bitcoin exchanges and recommended to block cards and accounts for transactions with crypto exchanges.

Lawyers analysed the implications of the new measures for owners of digital assets.

Experts assessed the consequences of blocking bank transactions on the accounts of Bitcoin exchanges in Russia

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