Sergey Shvetsov, a member of the Bank of Russia Board of Directors recently urged investors to stay away from BTC. According to him, allocating money in Bitcoin is extremely unsafe and could result in an absolute loss.
Sergey Shvetsov, the 1st deputy governor at the Central Bank of Russia, sounded a note of wariness for local investors to be cautious of alternative financial instruments like bitcoin and other cryptocurrencies. He further argued that investing in it is so dicey 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 is a former soccer player, continued thrashing BTC and described it as a typical case of a “technological financial pyramid.” He warned that the Russian Federation has no power to avert such fraudulent schemes if individuals happen to lose their funds.
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