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Central Bank of Russia warns again about the use of cryptocurrencies

The Central Bank of Russia warned investors about the risks of investing in cryptocurrencies in a yesterday’s report.

29.Nov.17 12:43 PM
By Daria Zaytseva


Central Bank of Russia warns again about the use of cryptocurrencies

According to TASS, the annual report on the Financial Stability of the central bank noted an obvious bubble in the cryptocurrency markets, saying that it could lead to "significant losses" for investors.

The report also stated that cryptocurrencies can be used for criminal activities, in particular for money laundering and terrorist financing.

This is not the first time the central bank has spoken against cryptocurrencies. Deputy Governor Sergei Shvetsov said last month that the bank would try to block non-Russian sites from selling bitcoin in the country as a whole.

At that time, he said that bitcoin came with "unreasonably high risks", repeating the sentiments expressed in the report of this month. He also mentioned bitcoin as a pyramid scheme because of its high returns for short periods of time.

Those comments became as part of Russia's efforts to limit bitcoin exchanges in the country. In September, deputy finance minister Alexey Moiseev said that he expected that all cryptocurency payments will be banned by the national government.

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