Russia’s Minister of Finance compares cryptocurrencies to a slot machine

According to Anton Siluanov, it is more reliable to invest in federal loan bonds

24.11.2022 - 12:15

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What’s new? Anton Siluanov, Minister of Finance of the Russian Federation, has urged citizens to be more cautious about investing in cryptocurrencies and give preference to federal loan bonds (OFZs). He expressed this opinion within the framework of the student online marathon “FinZOZH,” TASS reports.

News on the TASS website

What else did Siluanov say? The official said that unlike stocks and other securities, on which it is at least roughly possible to calculate the dynamics of prices, “in crypto nothing is clear.” Siluanov added:

“[Crypto] This is the same as a slot machine. Playing with such toys usually leads to loss of money.”

As for OFZs, Siluanov called this instrument reliable. He mentioned that there are papers that give a rate of inflation, as well as premiums of 2-2,5%. Investments in OFZ will allow you to earn money, “at least to maintain your portfolio.” Another recommendation for students is to divide their investments, leaving part of it on a deposit in a bank and investing the other part in bonds.

Earlier, it became known that the State Duma of the Russian Federation began preparations for the creation of a national crypto exchange. Deputies will submit a document taking into account the position of the market to the government and the Bank of Russia. The parties do not plan to consider the exchange for the distribution of cryptocurrency as a means of payment within the country. The platform will be more of an exchange point.

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