Bank of Russia: cryptocurrencies resemble a roulette game and are not an investment

The Bank of Russia does not consider purchasing cryptocurrencies an investment. This was stated by Deputy Chairman Sergei Shvetsov of the Bank of Russia, Prime reported.

\”This is more like a financial pyramid or a game of roulette, but this does not relate to the financial market and should not be encouraged by either the state or financial intermediaries for citizens to acquire cryptocurrencies,\” he said.

In the view of the central bank official, cryptocurrencies are used to circumvent anti-money-laundering regulations.

\”Therefore we do not support investments by citizens in this criminal sector at all,\” noted Shvetsov.

He added that cryptocurrencies \”do not carry any obligations.\” The Bank of Russia also regards them as \”the most risky instrument, both in terms of volatility characteristics and in terms of prospects for functioning.\”

\”Earlier, Shvetsov said that cryptocurrencies possess the characteristics of a ‘high-tech financial pyramid’ and their future is quite murky.\”

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