{"id":52878,"date":"2021-11-15T11:56:50","date_gmt":"2021-11-15T09:56:50","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=52878"},"modified":"2025-09-03T12:20:43","modified_gmt":"2025-09-03T09:20:43","slug":"russias-accounts-chamber-says-cryptocurrencies-are-limited-as-a-means-of-payment","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/russias-accounts-chamber-says-cryptocurrencies-are-limited-as-a-means-of-payment\/","title":{"rendered":"Russia&#8217;s Accounts Chamber says cryptocurrencies are limited as a means of payment"},"content":{"rendered":"<p>Cryptocurrency investors should assess the high risks of their investments, since the value of digital assets depends solely on the optimism of market participants. In an interview with RIA Novosti <a href=\"https:\/\/ria.ru\/20211115\/auditor-1759053259.html\">\u0437\u0430\u044f\u0432\u0438\u043b<\/a> \u0430\u0443\u0434\u0438\u0442\u043e\u0440 \u0421\u0447\u0435\u0442\u043d\u043e\u0439 \u043f\u0430\u043b\u0430\u0442\u044b Alexey Savatyugin.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cUnlike full-fledged money or bonds [cryptocurrencies] have no intrinsic value; they are not backed by anything. Unlike stocks they do not give rights to receive payments or participate in the business, unlike fiat money they are heavily restricted as a means of payment. In other words, cryptocurrency depends only on the optimism of market players, and that is a very high risk,\u201d \u2014 said Savatyugin.<\/p>\n<\/blockquote>\n<p>He also believes that cryptocurrencies are a very significant and noticeable element of the design of the world financial system:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cTotal market capitalization of cryptocurrencies exceeds $2 trillion \u2014 that is larger than the entire capitalization of the Russian stock market. You can&#8217;t ignore that.\u201d<\/p>\n<\/blockquote>\n<p>The auditor backed strict regulatory oversight of the industry, which the Central Bank adheres to, and doubted that the regulator would soften its rhetoric.<\/p>\n<p>According to him, the Accounts Chamber has not yet discussed any initiative of its own to regulate cryptocurrencies.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe have the Bank of Russia and the Ministry of Finance; we follow their discussion with interest,\u201d concluded Alexey Savatyugin.<\/p>\n<\/blockquote>\n<p>Back in 2015, Alexey Savatyugin called cryptocurrencies the biggest financial breakthrough in the last half-century and said that Bitcoin\u2019s rejection in Russia was linked solely to regulators\u2019 unwillingness to understand what it is.<\/p>\n<p>He also called the \u201cfull absurdity\u201d of creating a Russian national digital currency.<\/p>\n<p>Read ForkLog bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency investors should assess the high risks of their investments, since the value of digital assets depends solely on the optimism of market participants.<\/p>\n","protected":false},"author":1,"featured_media":52880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1451,1269,1138,27],"class_list":["post-52878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-regulation-in-russia","tag-cryptocurrencies","tag-opinions","tag-russia"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=52878"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52878\/revisions"}],"predecessor-version":[{"id":52881,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52878\/revisions\/52881"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/52880"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=52878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=52878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=52878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}