Elvira Nabiullina: cryptocurrency is kryptonite

Cryptocurrency is a little similar to money, but in financial technologies that underlie them – the blockchain and created on its base mastercare CBR – the regulator sees great potential and test them with market participants. The head of the Bank of Russia Elvira Nabiullina said in an interview with channel «Russia 24» at the St. Petersburg international economic forum (SPIEF 2018).

«The other side is a cryptocurrency, although I will not call them currency, and «kryptonite». The whole world is trying to understand what it is. Few people define it as the Fiat currency or something like a Fiat currency. Whether it is an asset, whether it is property, whether it’s rights – such disputes are because this phenomenon is not fully understood,» – said the head of the Central Bank.

According to her, the Central Bank sees a number of risks in the use of cryptocurrencies in two areas:

«This is a highly speculative volatile asset. Those people who bought bitcoin for $20 thousand will lose a lot if they have the need to sell it. It’s an unreliable method of saving and investment, – said Nabiullina. – It’s no secret that the cryptocurrency is used for money laundering and illegal transactions due to their anonymity, and, of course, we cannot be disturbed.»

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