Elvira Nabiullina: cryptocurrencies are unable to protect the rights of investors

Being a highly speculative asset, cryptocurrencies are not able to protect the rights of investors, said the head of the Bank of Russia Elvira Nabiullina at the expanded Board of the Ministry of Finance.

«Regulation and development of the financial sector of course, we mustn’t be late or lag behind the market development. First of all, it is about supporting the development of new technologies in the financial market. I’m talking not only about cryptocurrencies, which are highly speculative asset and do not provide adequate protection of the rights of citizens and investors, and can extensively be used for holding all sorts of dubious transactions», – she told.

According to Nabiullina, to questionable transactions is the development of crowdfunding platforms and to sell financial services.

«Therefore, in our opinion, objectives of financial market development are large, and I hope for the same fruitful cooperation with the staff of the Ministry of Finance, which we had in previous years», – concluded the speaker.

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