Russia’s Central Bank Keeps Insisting That Crypto Is ‘Criminal’

[Goodcat49]

Russia’s central bank argues that crypto purchases are not considered an investment.

Despite Russia recently passing its first major legislation devoted to cryptocurrencies, the country’s central bank continues to treat the industry as a criminal area.

Sergei Shvetsov, the first deputy governor at the Bank of Russia, has voiced the bank’s negative stance towards crypto investment. He compared cryptocurrency with financial pyramid schemes and roulette games. The official provided his remarks on the crypto industry during a July 28 live YouTube stream regarding Russia’s new bill on categories of retail investors.

During the live session, Shvetsov emphasized that the Bank of Russia does not recognize crypto purchases as an investment. He said:

“The Bank of Russia, as a regulator, adheres to the position that crypto purchases are not an investment. It is more like a financial pyramid or roulette games, and does not apply to the financial market. Either government or financial intermediaries should not encourage citizens to acquire cryptocurrencies.”

https://cointelegraph.com/news/russias-central-bank-keeps-insisting-that-crypto-is-criminal

[TomPluz]

Russia, just like the USA, failed to be a leading force in the cryptocurrency industry as they are all afraid that they gonna lost control over the economy, a kind of thinking that is baseless. The government can use its regulatory powers to allow the legality of the industry while making sure that bad players are weeded out.