Commercial Banks Of Russia will ‘Slow Down’ Payments to Crypto Exchange
The Central Bank of Russia planned to slow down the fiat transactions made for the crypto exchanges, to lower down the emotions of the noob crypto investors.
In the present time, all the countries’ central banks are aware about the potential of the crypto industry and also they are aware about the associated risks because of high volatility, that’s why they are planning to retard the flow of funds in the crypto market. In the latest Central Bank of Russia took their steps against crypto.
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The Central Bank of Russia showed it’s skeptical thinking about the Crypto Market. Central bank deputy chairman of Bank of Russia quoted a news of “Prime business” news agency. And said that they are skeptical of crypto as an alternative of fundamental assets and described crypto as a pyramid scheme.
Speaking at the “Banks of Russia – XXI Century, he added
When it comes to buying for investment purposes, we are skeptical about this idea. We believe it’s different from traditional assets, it’s highly risky and has signs of a pyramid scheme.
Also in an event in Sochi, the governor of the Central Bank of Russia unveiled that they are working with all the commercial Banks of Russia to delay the payments made for the crypto related companies and it will slow down the decision of crypto Investors. Also, the Central bank suggested that they block all cards and wallets used to transact with crypto exchangers.
Quoted by RIA Novosti, the banker stated:
“We are starting to work with the banking system so that it slows down payments in favor of exchange offices and cryptocurrency exchanges, fencing off opportunities for emotional purchases of this kind of products”
Shvetsov also said that there are many countries which are legalising crypto assets but they are not aware about the hi-tech pyramid schemes that are possible with Crypto and also it can collapse the Monetary system to zero.
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