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.
“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.”