Bank of Russia refuses to classify crypto investors by the level of financial literacy

The regulator noted that because of the speculative nature of the crypto market, depositors will not be able to avoid risks

21.09.2022 - 11:15

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What’s new? The Bank of Russia did not support the proposal to classify cryptocurrency investors by their level of financial literacy, TASS reports. According to the statement of the Central Bank’s representative, “the rate of cryptocurrencies is determined mainly by speculative factors,” so the experience of investors will not help to avoid risks. Also, the regulator once again noted that it does not support the admission of private digital assets to the financial market of the Russian Federation and their use as a means of payment.

Material by TASS

What happened before? First Deputy Governor of the Bank of Russia Vladimir Chistyukhin said that the Central Bank still feels “very much skepticism” about the legalization of private cryptocurrencies. The Central Bank believes that the market of the Russian Federation should develop through the digital ruble.

Elvira Nabiullina, head of the regulator, also noted that the Central Bank supports cross-border payments with the digital ruble, as well as cryptocurrencies, which, however, should not penetrate the country’s financial system.

The Central Bank also said that about 60% of illegal financial transactions or payments in favor of Ponzi schemes are carried out in cryptocurrencies.

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