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“Crypto is Criminal” -Russian Central Bank

The argument has again risen as Russia’s central bank mentioned that crypto purchases are never considered as a form of investment.

The first significant legislation devoted to cryptocurrency in the country has been passed. However, the country’s central bank has been continuing to treat the crypto industry as a form of criminal area.

Bank of Russia’s First deputy governor, Sergei Shvetsov, said that the negative stance of the bank towards cryptocurrency investment is real. He mentioned that cryptocurrency with pyramid schemes connected financially and gambling is almost the same. He said all of it on one of Youtube streams with regards to Russia’s new bill.

On the live stream he said:

“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 game and does not apply to the financial market. Either government or financial intermediaries should not encourage citizens to acquire cryptocurrencies.”

Shvetsov made an argument that there should be no central bank on the globe that supports money substitutes. He also said that “The Russian Constitution and subject prohibit them to criminal liability.” The official also noted that BTC and other cryptocurrencies are often used for illegal activities like money laundering and should not be supported by any bank.

A similar case to Russia’s central bank, there have been other banks over the world that are still in the prevention of cryptocurrencies’ legalization. Back in March 2020, the bank mentioned that DFA would ban issuing and circulation of cryptocurrencies around Russia.

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