Russia Is Strictly Against Cryptocurrencies

Russia has declared that it is strictly against cryptocurrencies. The country made the second statement on the subject.

The Central Bank of Russia has toughened its stance against cryptocurrencies even more. After the news that “The Central Bank of Russia is discussing the banning of cryptocurrencies with some lawmakers” yesterday by Reuters, negative statements came from two important executives of the institution one after the other. Nabiullina, the head of the central bank, made a short statement and said, “We are skeptical of cryptocurrencies. They are often used for illegal transactions. We cannot welcome investments in such assets.” Meanwhile, Valeriy Lyakh, head of the Market Abuse Prevention Unit, noted that cryptocurrencies are a pyramid scheme. Lyakh, who posted a video on the subject, used the following statements: “Investments in cryptocurrencies actually go into pyramid schemes and financial scams. The market is very volatile and there is no regulation. Nobody is investigating the manipulations. Our view of cryptocurrencies is generally negative. We certainly do not want them to be in circulation in our country.” Russian President Vladimir Putin, on the other hand, expressed a positive opinion in the past weeks, stating that the use of cryptocurrencies, especially in interstate commerce, is very difficult in the short term, but has a value.