Cryptocurrencies Are High Risk Investments; Russian Reserve Bank Governor

Cryptocurrencies Are High Risk Investments; Russian Reserve Bank Governor

The Russian Reserve bank’s governor has remained adamant on its Bitcoin regulatory process despite public reprovals regarding their digital asset policies. The bank has maintained its crypto antagonistic approach even though citizens are concerned that the country might loose in the end as it relates to the crypto ecosystem.

The reserve bank’s governor; Elvira Nabiullina laid emphasis on the bank’s anti crypto stance in a Monday interactive session where she categorically stated that crypto was a high risk investment asset class. Elvira noted that price fluctuations which is a major characteristic of the crypto industry can lead to immeasurable loss. She explicitly stated that the country’s central bank cannot officially endorse crypto investments.

In a previous statement released by the governor, she had classed cryptocurrencies like Bitcoin as counterfeit money. She made it clear that cryptocurrencies will not be accepted for remittances in Russia. In 2017, she tagged the demand for crypto during the bullish market era as another gold rush.

Though crypto skeptic, Elvira has a cheery attitude towards the digital ruble; which is the digital currency scheme of the bank. She stated that digital currencies will aid transaction processes by eliminating middle men in financial dealings. Citizens have expressed dissatisfaction as regards the bank’s crypto aversion. A member of the Parliament criticized the bank for its myopic view of the crypto industry. The Russian business mogul Oleg, lambasted the Russian reserve bank for its reluctance in adopting cryptocurrencies.


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