Chechen leader Ramzan Kadyrov shared some harsh comments on cryptocurrencies amid the growing interest of Chechen citizens in technology.
According to Pravda, Kadyrov claimed that the media are presenting the cryptocurrency “as the new gold”, causing a kind of Bitcoin (BTC) “fever”:
“People are taking out loans, saving for themselves and their families, and investing their newest money in digital assets that promise incredible returns.
The president of the Chechen Republic, a federation of the Russian Federation, also warned that the excess profits are associated with “great risks”. He also claimed that Bitcoin’s value has halved in the past month – a statement that anyone with a quick Google search could disprove.
Kadyrov said that people dream of easy money, and this creates a false promise of wealth that cryptocurrency does not and never provides. He added:
I am more concerned about the ethical aspect of such investments. A person who invests in cryptocurrencies expects their value to grow many times over. But why is this person waiting for it? Did the person work hard to get this profit? “”
The Chechen leader also referred to the “greed of the people” that raised the prices of cryptocurrencies. He claims these people are “trying to attract new investors and capitalize on their greed,” and ultimately assured him that he would not support projects that use digital assets.
Russia recently passed its first major cryptocurrency laws, although the country’s central bank continues to treat the industry as a criminal domain.
In a similar position, Sergei Shevtsov, First Deputy Governor of the Bank of Russia, compared cryptocurrencies to financial pyramid charts and roulette games.