Russians Warned Against Saving in Crypto Amid Declining Savings in Foreign Fiat
A government official in Moscow has
advised Russians to avoid cryptocurrencies now when interest in foreign fiat currencies is declining in the country. The high-risk assets are not suitable
for the savings of most people and make sense only for investments by rich people, his comments suggest.
Restrictions imposed by the Russian state on foreign currency accounts and operations amid Western sanctions have led to a decrease in the
volume of savings kept in foreign fiats. Against this backdrop, Russians have been warned they
shouldn’t switch to cryptocurrencies.
“We would definitely not want citizens’ savings to be directed to digital currencies,” the head of the Financial Policy Department of the Russian Ministry of Finance,
Ivan Chebeskov, stated during the blockchain conference
“Finance of the Future: Challenges and Opportunities.”
Chebeskov is convinced that
regulated digital financial assets (DFAs) could be a better alternative.
The finance ministry representative added that assets such as cryptocurrencies
make sense only for wealthier Russians, not for people with average income and savings, and then
only for 10 to 15% of the capital available for investment.
