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The head of the Russian Central Bank warns against cryptocurrencies and describes investing in them as the most dangerous

Elvira Nabiullina, the head of the Russian Central Bank, issued a cautionary note to crypto investors telling them to take into account the risks of the cryptocurrency market.

Elvira sees cryptocurrencies as highly volatile and cautions investors to be wary of shocking losses.

The head of the Russian Central Bank warns against cryptocurrencies:

The President of the Russian Central Bank, Elvira Nabiullina, shared her position on whether people should enter the cryptocurrency market during an interview with the local newspaper “Komsomolskaya Pravda”, where she predicted that investing in cryptocurrencies is riskier than any other investment, and added:
Cryptocurrency speculation is definitely the most dangerous strategy of all.

The central bank never gives advice on where to invest, but in this particular case, we would caution against investing in crypto.

She also noted that the main issue in the crypto market is its volatility, as people may lose huge amounts of money because of it.

On the other hand, Nabiullina supported bank deposits as a better option for investors to participate and invest their money.

She explained:
It is essential to explore the products closely and take a close look at the advertisements, especially when you are told that there are no risks, while the returns are high, a real investment does not work that way.

 Previously, the central bank official expressed that virtual assets will inevitably be the future of the financial world.


But she thinks and means central bank digital currencies, not cryptocurrencies like bitcoin.


It sees that the central bank digital currencies will operate under the control of the government, and one electronic ruble will equal one cash ruble.

The Bank of Russia is swimming against the tide.

The Russian Central Bank continues the process of accumulating negative comments on cryptocurrencies and trading systems.

Previously, one of Russia's richest men, Oleg Deripaska, blamed the financial institution that its moves are not beneficial to the nation and go against the tide.

Deripaska added that the largest country in terms of land area should follow the example of El Salvador and add Bitcoin as a payment method, commenting on this by saying:
Even poor El Salvador, recognized the need for digital currencies and took a simple path, recognizing bitcoin as a means of payment.

 In addition, Deripaska explained Russia's need to effectively carry out trade deals with the rest of the world and urged the Central Bank to adopt a real financial instrument that would enable independence in foreign trade settlements.

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