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September 20, 2020
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Central Bank of Russia: Cryptocurrencies are a gamble |

Skeptical of the cryptocurrency industry, the Russian Central Bank has once again spoken out about digital assets, comparing this type of investment to “playing roulette” or investing in “ponzi schemes.”

In a YouTube video published by the Central Bank, Sergey Svetiov, the first deputy governor of the bank, stated:

“The Central Bank, as a financial regulator, takes the position that the acquisition of cryptocurrencies is not an investment. Rather, it is a financial pyramid or a roulette game. Gambling of this kind]should not apply to the financial market, and [obywateli kupujących kryptowaluty] neither the state nor the financial intermediaries should be encouraged ”.

He also warned that the tokens “are also used to circumvent anti-money laundering laws.”

“We certainly do not support citizen investment in this criminal sector.”

– added.

New law

The latest statements from the Bank of Russia appeared shortly after Russian lawmakers adopted the important Digital Asset Act, or DFA, on July 22. However, the DFA does not actually regulate the industry. The regulatory framework is to be part of another draft law, entitled “On digital currency”.

The DFA, which prohibits the use of cryptocurrencies as a payment method, does not contain much information about investing in digital coins. Meanwhile, the Bank of Russia is a key regulator listed in the bill’s draft document authorizing the bank to determine what types of investors are eligible to invest in this or that cryptocurrency product.

Central Banks are fighting against cryptocurrencies

Like other central banks in the world, the Russian bank is desperately struggling with the process of legalizing cryptocurrencies such as Bitcoin.

In March 2020, the bank argued that the DFA would ban the emission and trading of cryptocurrencies in Russia. The act ultimately turned out to be more industry-friendly. In February 2020, the bank issued a set of rules on suspicious transactions, classifying each cryptocurrency-related transaction as a potential money laundering risk.

The Russian central bank is not the only bank hostile to the cryptocurrency industry. A number of banks around the world, including the Indian RBI, are trying to ban the use of cryptocurrencies like Bitcoin to confront new decentralized assets. Other world authorities that have explicitly banned cryptocurrency activities include the central banks of Myanmar and Zimbabwe.

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