Crypto is the most dangerous investment, Bank of Russia governor says
The governor of Russia’s central bank has become the latest high-ranking government official to warn about the dangers of investing in cryptocurrencies. In an interview on Russian news station RT, Elvira Nabiullina, the Governor of the Bank of Russia, said that investing in cryptocurrencies was “extremely high risk”.
Russia’s Central Bank governor, Elvira Nabiullina, recently claimed that cryptocurrencies are not a threat to the national economy, but are rather the biggest danger to it. In a recent interview with the Russian state news agency TASS, Nabiullina said that the country’s central bank was still waiting to see the effects of the virtual currency market and the blockchain technology behind it. “We are monitoring the situation very closely and we are observing that cryptocurrencies are not a threat to the national economy,” Nabiullina said. “So far there have been no reports of actual damage.” “In any case we believe that the risks of speculative funds [losing money] are small. But we are not ruling out that the
In a recent interview, Russian Central Bank Governor Elvira Nabiullina said that cryptocurrencies are the most dangerous investment in the world. Responding to the central banks concerns, Finance Magnates interviewed the Governor of the Bank of Russia, Elena Skrynnik.. Read more about russia cryptocurrency news and let us know what you think.
The Bank of Russia continues to take a tough stance on cryptocurrency trading, despite growing concerns that the country is not reaping the benefits of the digital asset industry.
Elvira Nabiullina, chairwoman of the Central Bank of Russia, confirmed the bank’s negative attitude towards cryptocurrencies in an interview with Komsomolskaya Pravda on Monday, saying that cryptocurrencies are one of the most dangerous investments currently available.
Nabiullina mentioned cryptocurrencies in the context of other risky investment areas, such as currency markets. In the foreign exchange market, it is much easier to lose than to gain, she said, noting that speculative crypto assets are even riskier.
The bank official said that prices in the crypto currency market are extremely volatile and losses can be huge. She also stressed that the Bank of Russia does not recommend crypto investments to the public:
The central bank never makes investment recommendations, but in this particular case the bank certainly doesn’t recommend it.
Nabiullina has previously stated that cryptocurrencies such as bitcoin (BTC) are counterfeit money and should not be used for settlements in Russia. In 2017, she called the growing global popularity of cryptocurrencies a gold rush.
Related: The Bank of Russia will begin testing the digital ruble in 2022.
Despite her skepticism about cryptocurrencies, Nabiullina is optimistic about the digital ruble, the Bank of Russia’s project to create a digital currency. Last year, she said the digital ruble would help businesses by eliminating financial intermediaries.
The Bank of Russia’s stance on cryptocurrencies is coming under increasing criticism, with a Duma deputy accusing the central bank of having too little insight into the sector. Last week, Russian tycoon Oleg Deripaska condemned the central bank for its reluctance to recognize cryptocurrencies.Cryptocurrency, like the current trend of investing in indexes, has been on a crazy ride this year. The price of Bitcoin has soared from $1,000 at the start of the year to over $7000 at the moment. This is in spite of the recent volatility in the markets, and concerns by regulators that this trend has been brought on by a new wave of investors.. Read more about why banks hate cryptocurrency and let us know what you think.
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