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Russia’s central bank to slow down payments to crypto exchanges
Participants of the Russian banking system, prompted by the central bank, will begin to slow down people's payments to crypto exchanges in order to protect the population from “impulse purchases” of cryptocurrency, First Deputy Governor of the Bank of Russia Sergey Shvetsov said in a statement. Such purchases are fraught with multiple risks, he believes.
“We can explain to people that this is a high-risk story. At least one of the reasons is lack of protection for the part of the regulator; the storage of crypto itself is subject to a bunch of risks. We are starting to work with the banking system to persuade it to slow down payments to these exchange offices and crypto exchanges, in order to eliminate the very opportunity for impulse purchases of this kind of products,” Vedomosti quotes S. Shvetsov.
Referring to the statistics of some brokerage houses, Shvetsov has said that Russians hold about 7 trillion rubles in the cryptocurrency market now.
The central bank believes that, being “a high-tech financial pyramid”, the cryptocurrency market may “collapse into zero”, and, therefore, it is necessary to protect the citizens’ money.
In early September, El Salvador was the first in the world to recognize bitcoin as an official currency. Commenting on the situation, Press Secretary of the Russian President Dmitry Peskov has said that our country is not ready to follow suit.