Sergey Shvetsov – a member of the Bank of Russia Board of Directors – urged investors to stay away from bitcoin. In his opinion, allocating money in the asset is highly risky and could result in a total loss.

Bitcoin Is a ‘Technological Financial Pyramid’

The first deputy governor at the Central Bank of Russia – Sergey Shvetsov – sounded a note of caution for local investors to beware of alternative financial instruments such as bitcoin. He argued that investing in it is so risky that it can be compared to entering a minefield:

“When buying Bitcoin, a person enters a minefield, and there is no one to rely on besides himself, and no one can protect him. There is no need to walk where you are not protected by the Russian Federation, where your money would be simply taken away, and you will not be able to do anything about it.”

Shvetsov, who interestingly is a former soccer player, continued bashing bitcoin and described…

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