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Crypto is the most dangerous investment, says Bank of Russia governor #cryptocurrency #bitcoin #crypto #blockchain

The Bank of Russia has continued its tough stance on cryptocurrency trading, despite growing concerns about the lack of digital asset industry in the country.

Russia’s central bank governor Elvira Nabiullina reiterated the bank’s negative stance on crypto in an interview with Komsomolskaya Pravda on Monday, arguing that crypto is one of the most dangerous investments that currently exist.

Nabiullina mentioned crypto in the context of other high-risk investment venues such as the forex markets. “It is far easier to lose than to win in the Forex market,” she said, adding that “speculative crypto assets” are even more risky.

The bank’s governor said that prices in the cryptocurrency market are extremely volatile, adding that “the losses could be tremendous.” He further stressed that the Bank of Russia does not recommend crypto investments to the public:

“The central bank never gives investment advice, but in this particular case, the bank certainly does not recommend it.”

Nabiullina has previously stated that cryptocurrencies like bitcoin (BTC) are “fake money” and should not be used for settlements in Russia. Back in 2017, he referred to the growing global popularity of crypto as the “gold rush”.

related: Bank of Russia will start digital ruble trial in 2022

Despite being skeptical about crypto, Nabiullina is optimistic about the digital ruble, the Bank of Russia’s central bank digital currency project. It said last year that a digital ruble would help businesses by cutting out financial middlemen.

There has been increasing criticism of the Bank of Russia’s stance on crypto, with a member of the State Duma accusing the central bank of being short-sighted on the industry. Russian industrial tycoon Oleg Deripaska slammed the central bank last week for hesitant to recognize cryptocurrencies.

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