Andrey Kostin, VTB Bank Chairman of the Board, believes that due to strict restrictions on the stock market, investors may show particular interest in bitcoin and other “less understandable” products.
Recall that on January 1, 2021, the law “On digital financial assets (DFA) and digital currency” came into force. At the end of last year, the Central Bank of Russia proposed to limit the amount of digital assets for purchase by individuals to 600,000 rubles per year.
Kostin said that he supports the Central Bank’s actions to protect private investors, but the regulator should stick to the “golden mean” between market development and its control. At a meeting with the government, Russian President Vladimir Putin stated the need to protect the interests of citizens in the stock market, but at the same time not to “overregulate” the market.
“Too strict restrictions will lead to the fact that people will leave the Russian securities market in gold, dollar or bitcoin. Investors will prefer to open accounts with foreign brokers, which will not provide them with adequate legal protection. People will start using less transparent products and will focus even more on cryptocurrencies, ”said Kostin.
We will remind that earlier the chairman of the State Duma Committee on the Financial Market Anatoly Aksakov called bitcoin a “bubble” that could burst at any moment. Deputy Chairman of the Bank of Russia Alexei Zabotkin is also convinced that investing in bitcoin and other digital assets is dangerous, since they have high volatility.
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