At all times, there have always been those who stood in the way of progress and growth. History shows a lot of examples when pioneers or inventors were accused of connection with the dark forces or even madness. However, time always allows to see the big picture.
In Russia, progress is usually seen as something strange, foreign, and weird. That is what happened this time. Now the Central Bank of Russia stand on the way of the development of blockchain technology and specifically cryptocurrencies. The bank argues against the virtual money trading, hiding behind the words about "various kinds of risks." The regulator noticed the growing popularity of cryptocurrencies around the world and in Russia in particular, noting a sharp increase in the number of requests on this issue, and even started monitoring the market. Today, most operations with cryptocurrencies are performed outside the legal regulation of the Russian Federation and most other states. However, regulators in other countries do not ban such transactions and are trying to develop not only regulatory measures but also options for using blockchain technology in their work.
The position of the Central Bank of Russia that got accustomed to prohibition of everything strange remains unchanged. The Bank of Russia reminds market participants about high risks from using and investing in cryptocurrencies.
