August 12, 2021
Russia’s Central Bank Believes Crypto Is A Criminal
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Russia’s Central Bank Believes Crypto Is A Criminal

As Wallebi reported previously, different countries and government took different positions against cryptocurrency. Some countries like China are trying to launch and introduce their Central Bank cryptocurrency. On the other hand, some countries like Russia totally banned cryptos. In the latest news, Russia’s Central Bank believes crypto is criminal.



Russia’s Central Bank will not legalize cryptocurrency

The Russia’s Central Bank believes that cryptocurrency couldn’t be an investment option. Although many attempted to make better atmosphere around cryptocurrencies in Russia, the Central Bank still keep treating crypto industry as a criminal area.

Sergei Shvetsov is the first deputy governor at the Bank of Russia. Recently, he had a speech about cryptocurrency industry in Russia. The speech was on a live YouTube stream. he talked about the Russia’s new bill on categories of retail investors. In addition, he mentioned that the banks have negative position against cryptocurrency in Russia. In his speech, he compared cryptos with roulette games and financial pyramid schemes.

He added that Russia’s banks don’t consider cryptocurrency as an investment. He noted that either financial intermediates or even government should not encourage people in order to invest in cryptocurrency market.

Russia’s Central Bank believes crypto is a criminal; “no banks support cryptocurrency”

Interestingly, Shvetsov mentioned in his speech that no banks in the world support cryptocurrencies. He continued, any activities related to cryptocurrencies are banned in Russia and subject to criminal liability.

Shvetsov noted that Bitcoin or other cryptocurrencies often use for illicit activities. He believes that cryptocurrencies use for money laundering purposes and due to this reason should not be supported by banks.

The official said that cryptocurrencies use in order to get around Anti-Money Laundering regulations. As a result, Russia’s Central Bank will not support cryptocurrencies. He also suggested that it is better citizens do not invest in cryptocurrencies, because the crypto market is highly risky.

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