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The governor of the Russian Bank maintains a tough stance on crypto

The governor of the Russian Bank maintains tough stance on crypto

The governor has maintained his stance despite growing criticism of how the bank has handled digital asset regulation. Moreover, there are growing concerns over the country missing out on the digital asset industry.

Elvira Nabiullina

Elvira Nabiullina is the governor of Russia Central Bank. She reiterated the bank’s negative stance on crypto in an interview with Komsomolskaya Pravda on Monday. She mentioned crypto within the context of other high-risk investment spaces like foreign exchange markets.

Foreign Exchange Market

She said that it is far easier to lose on the foreign exchange market than to win. She also noted that these speculative crypto assets are even riskier. The Bank governor said that the cryptocurrency prices in the market are highly volatile.

Losses can be tremendous.

See also said that losses can be tremendous. Nabiullina further stressed that the bank of Russia doesn’t recommend any crypto investments to the public. Nabiullina has stated previously that cryptocurrencies like Bitcoin are fake money. Hence, we cannot use them for settlements in Russia.

Growing Global Popularity

She referred to the growing global popularity of crypto assets as a gold rush back in 2017. Bank of Russia to start digital Ruble trials in 2022. Despite being skeptical about crypto, she is optimistic about the digital Ruble, the bank of Russia’s Central Bank digital currency project. Last year she said that a digital ruble could help businesses by cutting out the financial middleman.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.