Stock market participants invited the Bank of Russia to discuss investments in cryptocurrencies – Bits Media

As the President of the National Association of Stock Market Participants said (NAUFOR) Alexey Timofeev, industry participants want to discuss investment options in cryptocurrencies with the Bank of Russia.

In an interview with TASS, Timofeev noted, that Russians are active invest in cryptocurrencies, and the volumes of their investments can be compared with the volumes of purchases of stocks and bonds. There are a variety of options for investing in cryptocurrencies - direct purchases, investments in derivatives, funds and so on. However, the regulator’s position on such investments remains negative and, as Timofeev said, while the Bank of Russia does not want to enter into a discussion on this matter.

“Our laws do not prohibit investments in cryptocurrency, however, the Central Bank’s opinion regarding the cryptocurrency market is purely negative. Therefore, we want to discuss with the Central Bank the possibility of using cryptocurrency as an investment asset, but not as a means of payment. The Central Bank and I agree, what other means of payment, except for the ruble, should not exist in Russia", – said Timofeev.

According to a recent report from the Bank of Russia, the growth of the cryptocurrency market and the increased involvement of Russians in the crypto-economy increases risks for the financial system. As of July of this year, Russian citizens conducted cryptocurrency transactions on 350 billion rubles.