Russia aims to restrict the purchase of cryptocurrencies by non-accredited investors

Anatoly Aksakov, chairman of the Financial Market Committee of the Russian State Duma, believes that Russia needs to pass new laws to protect retail investors from potential losses from investing in cryptocurrencies. Local news agency Interfax Report on Wednesday.

He stated that for this reason, it is reported that the legislators of the country’s parliament are considering enacting new legislation to restrict the investment in cryptocurrencies by unauthorized investors.

The official spoke at a financial consumer protection campaign supported by the Bank of Russia.

“Digital currency is affected by our increased attention. We will seek to provide the greatest degree of protection for citizens who invest in digital assets, because it is a new tool that is quite difficult for unskilled investors,” Aksa Cove said.

Aksakov said that cryptocurrency investment is accompanied by great risks and considerable returns. Global investors are investing billions of dollars in cryptocurrencies. He said: “Of course we need to provide specific legislation to protect non-professional investors from ill-considered investments in digital currencies.”

related: Bank of Russia wants to stop “emotional” and suspicious crypto activities

The latest news is consistent with the new plan of the Bank of Russia to slow down the transaction speed of cryptocurrency exchanges to protect retail investors from the influence of “emotional” purchases of cryptocurrencies. The first deputy governor of the Russian Central Bank Sergey Shvetsov believes that this measure will protect Russian investors from losses in the event that the cryptocurrency market “crashes to zero.”

Cryptocurrencies like Bitcoin (Bitcoin) Has become a popular investment tool in Russia.According to an August survey by the Russian Association of Foreign Exchange Dealers, 77% of Russian investors said Cryptocurrency is the “most forward-looking” investment.