Bankers criticize Token tech at exchange event

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Within the framework of the Moscow exchange group, the forum was attended by about 400 people, including central banks and representatives of "Big Four" accounting firms. And although a number of topics were discussed, none of them was more top-of-mind than the blockchain token sector.

In accordance with the broader discourse in recent weeks, the first deputy governor of the central bank of Russia, Ksenia Yudaeva, has come to compare ICOs with the pyramid schemes of the 1990s that cost investors hundreds of millions of dollars.

The comments come at a time when government agencies around the world are investigating the use of blockchain, some of them taking a heavy hand and prohibiting the sale of tokens, while others are more open-minded to possible technology advantages.

Yudaeva's comment coincides with the comments of Russian President Vladimir Putin when he recently called cryptocurrencies "serious risks". But they also contrast sharply with the regulated Russian clearing center, which agreed to place its first authorized ICO just a month ago.