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Why cryptocurrencies can be dangerous, Bank of Russia explains

Bank of Russia Governor Elvira Nabiullina discusses growth and nature of cryptocurrencies.

MOSCOW (Sputnik) – Bank of Russia Governor Elvira Nabiullina compared on Friday the rise of cryptocurrencies with a “gold rush,” adding that the regulator must curb the risks of their use.

“There has been slow growth for a long time but now we see something like a gold rush,”

Nabiullina said at the Moscow financial forum.

She pointed out that many people see in cryptocurrencies an easy opportunity to get personal gain.

“There were many words about advantages of the development of new technologies. I totally agree with that but still there are risks. We as a regulating body must think about the risks and curb them. Many of [modern] technologies are transnational and lack national regulation,”

Nabiullina added.

Earlier in the day, she said that the Bank of Russia would not allow the use of cryptocurrencies in the country as money substitutes could create the risk of money flow disruption.

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