{"id":15939,"date":"2023-05-30T21:33:21","date_gmt":"2023-05-31T01:33:21","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-too-risky-for-most\/"},"modified":"2023-05-30T21:33:23","modified_gmt":"2023-05-31T01:33:23","slug":"crypto-too-risky-for-most","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15939","title":{"rendered":"Crypto Too Risky for Most"},"content":{"rendered":"
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Crypto is too risky for \u201cmost\u201d Russians, the nation\u2019s Finance Ministry has claimed. But the ministry claimed tokens could be \u201csuitable\u201d for \u201cprofessional investors.\u201d<\/p>\n

Per the media outlet Nizhny Novgorod, the comments were made by Ivan Chebeskov, the director of the ministry\u2019s financial policy department.<\/p>\n

Chebeskov said that most Russians should not \u201cconsider cryptocurrencies\u201d to be a \u201cform of savings.\u201d<\/p>\n

He called tokens \u201chigh-risk financial instruments.\u201d<\/p>\n

But the policy department did not back a ban on crypto, or suggest that all Russians shun tokens.<\/p>\n

Instead, Chebeskov claimed that coins were only \u201csuitable for citizens who already invest in\u201d assets like \u201csecurities and real estate.\u201d<\/p>\n

But he warned that even these citizens should be cautious.<\/p>\n

Russian Finance Ministry: What Is Its Crypto Stance?<\/h2>\n

Chebeskov said that \u201ca certain amount of risk still remains\u201d for crypto investors.<\/p>\n

He claimed that \u201cthe volatility of cryptocurrencies can reach the 100-200% mark.\u201d<\/p>\n

The comments contrast starkly with recent remarks made by the Central Bank.<\/p>\n

The same media outlet reported that the bank\u2019s fintech chief Kirill Pronin warned that \u201cinvesting in cryptocurrencies could be subject to sanctions.\u201d<\/p>\n

The bank pointed out that \u201cmore than 800\u201d crypto wallets related to Russia-based individuals have \u201calready been blocked.\u201d<\/p>\n

Russian policymakers have gone back and forth with proposed crypto legislation over the past few years.<\/p>\n

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While the Central Bank wants to ban crypto, the ministry is in favor of regulating \u2013 and taxing \u2013 tokens.<\/p>\n

The ministry is particularly keen on allowing crypto miners to operate in Russia.<\/p>\n

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The nation\u2019s drive to de-dollarize its economy could yet see it turn to crypto as a stop-gap with international sanctions continuing to bite.<\/p>\n

Lawmakers have been weighing up their options, with some previously suggesting that launching a state-run crypto exchange would help domestic firms do business abroad.<\/p>\n

But top politicians distanced themselves from this plan earlier this month, suggesting that overseas exchanges may be a preferable option for trade firms.<\/p>\n<\/p><\/div>\n