According to Alexei Timofeev, President of the National Association of Stock Market Participants (NAUFOR), industry participants want to discuss options for investing in cryptocurrencies with the Bank of Russia.
In an interview with TASS, Timofeev noted that Russians are actively investing in cryptocurrencies, and the volume of their investment can be compared with the volume of purchases of stocks and bonds. There are a variety of options for investing in cryptocurrencies – direct purchases, investments in derivatives, funds, and so on. However, the position of the regulator towards such investments remains negative and, as Timofeev said, while the Bank of Russia does not want to enter into a discussion on this matter.
“Our laws do not prohibit investments in cryptocurrency, but the Central Bank’s opinion on the cryptocurrency market is purely negative. Therefore, we want to discuss with the Central Bank the possibility of using cryptocurrency as an investment asset, but not as a means of payment. The Central Bank and I agree that there should be no other means of payment in Russia except the ruble, ”Timofeev said.
According to a recent report from the Bank of Russia, the growth of the cryptocurrency market and the increased involvement of Russians in the cryptoeconomy increases the risks for the financial system. As of July of this year, Russian citizens have carried out cryptocurrency transactions worth 350 billion rubles.