The first deputy chairman of the Central Bank of the Russian Federation called cryptocurrencies a "high-tech financial pyramid" Cryptocurrencies have the characteristics of a "high-tech financial pyramid", said the first deputy chairman of the Central Bank of the Russian Federation Sergei Shvetsov. He announced this during a live broadcast on the official Youtube channel of the Bank of Russia on Monday.

First Deputy Chairman of the Central Bank of the Russian Federation called cryptocurrencies a "high-tech financial pyramid"

Cryptocurrencies have the characteristics of a "high-tech financial pyramid", said the first deputy chairman of the Central Bank of the Russian Federation Sergei Shvetsov. He announced this during a live broadcast on the official Youtube channel of the Bank of Russia on Monday.

“Cryptocurrency combines two characteristics. On the one hand, cryptocurrency is used as a means of payment. On the other hand, it is a high-tech financial pyramid. Naturally, I do not recommend anyone to invest in something that does not bear any obligations, "he said..

The representative of the Central Bank admitted that the demand for cryptocurrencies comes, among other things, from the fact that they can be used as a means of payment, but in this capacity their role is often reduced to bypassing "certain regulatory restrictions." “But this is a temporary phenomenon, all regulators agree that such restrictions should not be dealt with accordingly. The future of cryptocurrencies is in deep fog, I do not advise anyone to do this, ”he added..

Shvetsov also warned the public against placing excessive expectations on the law on digital financial assets, which he hopes will be passed by the State Duma in the fall: “However, this does not mean that it will legalize the circulation of cryptocurrencies. We view cryptocurrency as a high-tech pyramid and are not going to facilitate the acquisition of cryptocurrencies by our citizens, especially for investment purposes ".

In November 2017 year Shvetsov said that he sees great investment potential in the ICO. “Our country has a huge potential for innovation, our students, young people and entrepreneurs give odds to any country in terms of ideas, and in the absence of classical institutions to support startups, the development of ICOs has great potential to finance those very ideas,” he said then.

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