Central Bank of Russia: «Buying bitcoin, a person enters a minefield»

Bitcoin is a technological pyramid scheme with participants entering a minefield. This statement was made by the Deputy Chairman of the Bank of Russia Sergei Shvetsov in a conversation with Reuters on Wednesday.

According to his observations, citizens, in anticipation of “frenzied profitability,” very often sell, mortgage property, or borrow money from relatives to bury them in the “field of miracles”.

“It is a big, big trouble that our citizens are not familiar with the rules of the capital market, where the promised profitability reflects the level of risk. And if you want to earn many, many percent for this money, then the probability that you will lose everything is enormous, ”he said.

Shvetsov also noted that the Central Bank is actively advocating for Russian investors to beware of assets for which «sometimes there is nothing at all, no security and a real economic process.» The latter, of course, is infinitely far from the truth.

Licensed Russian brokers do not work with cryptocurrencies, but citizens over the Internet buy financial products on foreign crypto exchanges, he added. According to the representative of the Central Bank, in this case we are talking about “extraterritorial instruments”.

“Buying the same bitcoin, a person enters a minefield, where, besides himself, he has no one to rely on, and no one can protect him. We also tell the citizens about this that you do not need to go where you are not under the protection of the Russian Federation, where your money will simply be taken away, and you cannot do anything about it, ”continued Shvetsov.

He confirmed that the Central Bank can suspend payments to companies with signs of illegal activity, which attract money from citizens without a license. Nevertheless, if a person uses cryptocurrency to transfer funds to such organizations, then it is no longer possible to help him.

“For example, if he has an account with bitcoins, and the pyramid collects bitcoins. There is no way to block the transfer from his account to the account of the financial pyramid in bitcoins, ” Shvetsov complained.

In the end, it is worth asking just one question: what do the financial pyramid and bitcoin have in common? With the same success, it is possible to ban all fiat currencies right now, including dollars and rubles, since more than 90% of criminal activity is carried out on them, and it is with these currencies that almost all financial pyramids in the world work.

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