The Chechen chief Ramzan Kadyrov shared some harsh feedback about cryptocurrencies amid rising curiosity within the know-how amongst Chechnya’s residents.
In line with Pravda, Kadyrov claimed that the media is presenting crypto “as the brand new gold,” upsetting what he calls a type of Bitcoin (BTC) “fever”:
“Folks take loans, save on themselves and their households, make investments their final cash in digital property that promise unbelievable income.”
The top of the Chechen Republic, a federal topic of the Russian Federation, additionally warned that extra revenue is tied with “large dangers.” He additionally claimed that over the previous month, “Bitcoin has depreciated in half” — a press release which could be disproven by anybody with a fast Google search.
Kadyrov stated that individuals dream of straightforward cash, and this creates a false promise of wealth that crypto doesn’t supply and has by no means provided. He additional added:
“I’m extra frightened in regards to the ethical facet of such investments. An individual who invests in cryptocurrencies expects their worth to develop many instances. However why is that individual ready for this? Did the individual work laborious to get this revenue?”
The Chechen chief additionally identified the “greed of individuals” who’ve boosted the worth of crypto. He claims these persons are “attempting to draw new buyers and revenue from their greed,” and in the end confused that he received’t assist any initiatives which make the most of digital property.
Russia just lately handed its first main laws dedicated to cryptocurrencies, although the nation’s central financial institution continues to deal with the trade as a felony space.
Taking the same stance, Sergei Shvetsov, the primary deputy governor on the Financial institution of Russia, in contrast cryptocurrency to monetary pyramid schemes and roulette video games.