Sergey Shvetsov, one of the executives of the Bank who acts in the capacity of the first deputy governor, emphasized the bank’s position on cryptocurrencies. According to him, Bitcoin is no different from pyramid schemes.
Speaking in a Wednesday interview, the deputy governor stressed that:
The bank executive, who has never really supported Bitcoin or any other crypto, stated last year that the Bank of Russia did not recognize crypto purchases as an investment. He went a step further to urge the government and financial intermediaries to discourage Russians from buying cryptocurrencies.
Since licensed Russian brokers do not provide access to digital currencies, many Russian citizens have opted to transact crypto using foreign platforms. And despite the rise of crypto investments in Russia, it only ranked fifth among the most popular investment choices in the country, just a little bit higher than gold.
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Source: Cryptocurrency - investing.com
