Cryptocurrencies are threatened with a trade ban in Russia.
Bitcoin has it in Russia not easy. Sergei Shvetsov, first deputy governor of the Central Bank of the Russian Federation (Bank Rossii), reaffirmed during one press conference Again the hard line against cryptocurrency trading.
For this, he made a comparison that clearly reflects the Russian central bank’s negative attitude towards Bitcoin and Co. In Shvetsov’s eyes, crypto investments are comparable to pyramid schemes and gambling.
The Bank of Russia, as a regulator, maintains that crypto purchases are not an investment. It is more of a financial pyramid or roulette game and does not apply to the financial market. Neither the government nor financial intermediaries should encourage citizens to buy cryptocurrencies.
Shvetsov further stated that cryptocurrencies are money surrogates and as such are subject to law enforcement:
They are prohibited by the Russian constitution and are subject to criminal responsibility.
The statements of the currency keeper indicate the direction in which Russia could steer the not yet adopted law “About digital currencies”. Russia is likely to follow a similar course to China, where the use of cryptocurrencies as a means of payment is prohibited.