Cryptocurrencies, Russia wants to limit their purchase by non-accredited investors

According to the president of the Russian State Duma's Financial Markets Committee, Anatoly Aksakov, lawmakers in the country's parliament are considering new legislation to limit cryptocurrency investments by non-accredited investors. The official made his remarks at a Bank of Russia-backed event dedicated to protecting financial consumers.

“Digital currencies are subject to our greatest attention and we will try to provide maximum protection to our citizens investing in digital assets because it is a new tool and it is quite difficult for an unskilled investor,” Aksakov said.

Investing in cryptocurrency is associated with many promising risks and returns, with global investors pouring billions of dollars into cryptocurrencies, Aksakov said. “We certainly need to provide specific legislation to protect an unprofessional investor from reckless investing in digital currencies,” he said.

The latest news is in line with the Bank of Russia's new plans to slow transactions to crypto exchanges in order to protect retail investors from "emotional" cryptocurrency purchases. Sergey Shvetsov, the first deputy governor of the Bank of Russia, argued that this measure would protect Russian investors from losses in a scenario where the cryptocurrency market "collapses to zero".

Cryptocurrencies such as bitcoin have emerged as a popular investment tool in Russia. According to an August survey by the Russian Association of Forex Traders, 77% of Russian investors said that cryptocurrencies are the "most forward-looking" investment.

by Alessandro Crea

Monday 11 October 2021 16:00

Leave a Reply

Your email address will not be published. Required fields are marked *