Andrey Kostin, Chairman of the Management Board of VTB Bank, believes that due to the strict restrictions on the stock market, investors may show a special interest in bitcoin and other “less clear” products.
Recall that from January 1, 2021, the law “On Digital Financial Assets (CFA) and Digital Currency”came into force. At the end of last year, the Central Bank of Russia proposed to limit the amount of digital assets to be purchased by individuals to 600,000 rubles per year.
Kostin said that he supports the actions of the Central Bank to protect private investors, but the regulator should adhere to the” golden mean ” between the development of the market and its control. Russian President Vladimir Putin at a meeting with the government said it was necessary to protect the interests of citizens in the stock market, but not to “re-regulate” the market.
“Too strict restrictions will lead to the fact that people will leave the Russian securities market in gold, the dollar or bitcoin. Investors will prefer to open accounts with foreign brokers that do not provide them with proper legal protection. People will start using less transparent products, and will focus even more on cryptocurrencies, ” Kostin said.
Earlier, the chairman of the State Duma Committee on the Financial Market Anatoly Aksakov called bitcoin a “bubble” that can burst at any time. Alexey Zabotkin, Deputy Chairman of the Bank of Russia, is also convinced that it is dangerous to invest in bitcoin and other digital assets, since they have high volatility.