- The provision of services related to cryptoassets by financial organizations does not meet the interests of investors and bears great risks.
- This was announced on Friday, December 3, in a statement published on the regulator’s website.
- Russian President Vladimir Putin stated that cryptocurrencies carry high risks because of their high volatility on November 30.
Offering services related to crypto-assets by financial organizations cannot satisfy investor needs and is risky. Regulatory authorities announced this on Friday, December 3, in an online statement.
The Russian Central Bank notes that “providers of financial services, with the provision of operations related to kriptoaktivami and derivatives on such assets, do not meet the interests of investors in the financial markets and are associated with big risks.”.
In addition, the regulator did not support the market’s proposal to expand the practice of issuing Russian financial instruments in foreign currency.
On November 30, Russian President Vladimir Putin said that the risks of cryptocurrencies are very high due to their high volatility.
On October 14, the Russian leader noted that it is too early to talk about the possibility of concluding contracts for the supply of oil in cryptocurrency due to the instability of the digital currency. He said that cryptocurrency may one day become a store of value, because “everything is developing.” However, today this market is fluctuating and the cryptocurrency is not backed by anything.
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On September 7, presidential press secretary Dmitry Peskov noted that Russia is not ready for the recognition of the bitcoin cryptocurrency, since there is no reason for this. According to him, equating this cryptocurrency with money can only harm the financial and economic systems.
In July 2020, Putin signed into law a law regulating digital financial assets (DFA) and cryptocurrencies. According to the document, from 2021, the country is allowed to conduct transactions with CFA, cryptocurrencies can be pledged, purchase and sale transactions, exchange of one type of CFA for another. It is prohibited to use them as a means of payment.
