October 8, 2021

Russia Wants Amateur Investors to Stop Investing in Crypto?

 Russia is likely to limit crypto investment activities for amateurs or more precisely, investors who are not skilled at investing in cryptocurrencies.

Russian State Duma Deputies are rumored to have begun legislative discussions that would restrict amateur digital currency investors from being tied to digital assets in the future.

The effort, "Unskilled Investors" was endorsed by the head of the Duma Committee for Financial Markets, Anatoly Aksakov during the International Conference on the Protection of Consumer Rights of Financial Services.

The Russian State Duma admits to being skeptical of the suitability of cryptocurrencies for unskilled investors. In any case, the feature of digital currency which is known for its price instability and speed of innovation is seen as more suitable as an investment by those with medium -skilled skills.

Because of that Aksakov believes there should be more specific guidelines for the purpose of protecting non -professional investors to avoid high risk.

The decision was taken when the Bank of Russia presented its latest plan, wanting to slow down transaction activity on crypto exchanges in order to protect retail investors from emotional investments.

The first deputy governor of the Bank of Russia, Sergey Shvetsov is confident in this way Russian investors survived losses when the crypto market collapsed.

For now, Russia is recording an increase in investment in Bitcoin (BTC) assets compared to other crypto assets. A survey by Russia’s Association of Forex Dealers in August found as many as 77% of Russian investors agreed cryptocurrencies were highly anticipated investors.