The auditor of the Accounts Chamber of the Russian Federation, Alexei Savatyugin, warned investors about the high risks of investing in cryptocurrency, related, inter alia, to the lack of industry regulation.
Savatyugin warned investors that they could incur significant losses when investing in crypto assets. According to him, unlike traditional securities, investments in cryptocurrencies “do not give the right to receive payments or participate in business.” Savatyugin drew attention to the fact that cryptocurrencies cannot be used to pay for goods and services, while their price depends on market sentiment, which entails significant risks.
He acknowledged that cryptocurrencies are an important and distinct part of the global financial system. The capitalization of the cryptocurrency market reaches $ 2 trillion, which exceeds the capitalization of the Russian stock market. Against this background, more and more Russians are investing in and mining cryptocurrencies. Therefore, Savatyugin believes that it is necessary to develop a legislative framework for the cryptocurrency industry as soon as possible.
The Auditor of the Accounts Chamber expressed the opinion that regulators should not soften their tough stance on cryptocurrencies. According to him, the Accounts Chamber has not yet held an internal discussion on the regulation of the industry. They take a wait-and-see attitude and “are watching with interest the discussion” between the Bank of Russia and the Ministry of Finance of the Russian Federation.
Note that the Bank of Russia also considers investments in digital currencies very risky. So, in July, the Central Bank said that Russian exchanges should not allow shares of companies related to cryptocurrencies to trade. In September, the Bank of Russia recommended that the banking system slow down payments sent to exchange offices and cryptocurrency exchanges in order to complicate the procedure for buying and exchanging cryptoassets for citizens.
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