Auditor of the Accounts Chamber called for strict regulation of the crypto market

The auditor of the Accounts Chamber of the Russian Federation, Alexey Savatyugin, considers cryptocurrency a significant phenomenon of the global financial system, but does not see its future as a means of payment and calls for strict regulation of it.

In his interview, Savatyugin noted that it is simply impossible to ignore a market with a capitalization of more than $2 trillion. But in his opinion, crypto assets are not backed by anything and are too dependent on market sentiment. Therefore, it is too early to talk about their use as a means of payment or a store of value. 

This market is too risky, so it must be strictly controlled by regulators. Savatyugin supports the position of the Central Bank regarding the crypto industry and doubts that it will soften in the near future.

At the same time, back in 2015, a representative of the department called cryptocurrency “the greatest financial breakthrough”, and the development of the digital ruble - “a complete absurd.”

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