The Central Bank has repeatedly warned Russian citizens about the high risks associated with investing in cryptocurrency. Representatives of the Central Bank emphasize that the state cannot protect the interests of citizens who buy digital coins over the Internet from foreign sellers.
“Buying the same bitcoin, a person enters a minefield, where, except for himself, he has no one to rely on and no one can protect him. We also tell citizens about this, that you should not go where you are not under the protection of the Russian Federation, where your money will simply be taken away and there is nothing you can do about it,” said Deputy Chairman of the Central Bank Sergei Shvetsov.
Bitcoin has been showing a lot of volatility lately. The price of the main cryptocurrency fell below $30,000 in July after April’s highs of more than $64,000.
Shvetsov claims that the Central Bank is actively explaining to citizens the need to be careful with their money and choose assets carefully for investment. In addition, the Central Bank is fighting illegal companies and pyramid schemes that swindle money from gullible Russians. Representatives of the Central Bank announced the closure of the sites of organizations suspected of fraud.