The Bank of Russia continues its difficult stance on cryptocurrency trading despite growing concerns about the country’s lack of digital value industry.
The governor of Russia’s central bank, Elvira Nabiullina, reiterated the bank’s negative stance on crypto in a Monday interview with Komsomolskaya Pravda, arguing this crypt is one of the most dangerous investments that currently exist.
Nabiullina mentioned crypto in the context of other high-risk investment spaces such as currency markets. “It’s much easier to lose on the foreign exchange market than to gain,” she said, saying “speculative crypto assets” are even more risky.
The bank governor said prices in the cryptocurrency market are extremely volatile, and said “losses can be terrible.” She further stressed that the Russian Bank 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 before declared that cryptocurrencies like Bitcoin (BTC) are “counterfeit money” and should not be used for settlements in Russia. In 2017, she called the growing global popularity of crypto “gold rush”.
Related: Bank of Russia will begin digital ruble testing in 2022
Despite being skeptical about crypto, Nabiullina is optimistic about the digital ruble, Russia’s central bank’s digital currency project. She said last year that a digital ruble will help businesses by cutting out financial intermediaries.
There has been growing criticism of the Bank of Russia’s stance on crypto, with one state Duma member accusing the central bank of being short-sighted about the industry. Russian industrial tycoon Oleg Deripaska blasted the central bank last week for his reluctance to recognize cryptocurrencies.