The Bank of Russian federation continues its tough stance on cryptocurrency trading despite growing concerns over the country missing out on the digital asset manufacture.

The governor of Russia'southward central depository financial institution, Elvira Nabiullina, reiterated the bank'southward negative opinion on crypto in a Monday interview with Komsomolskaya Pravda, arguing that crypto is one of the most dangerous investments that currently exist.

Nabiullina mentioned crypto within the context of other high-risk investment spaces like foreign commutation markets. "Information technology's far easier to lose on the foreign exchange market than to win," she said, stating that "speculative crypto assets" are fifty-fifty riskier.

The banking company governor said that prices in the cryptocurrency market are extremely volatile, stating that "losses tin can exist tremendous." She farther stressed that the Bank of Russia does not recommend crypto investments to the public:

"The central banking concern never gives investment communication, but in this particular case, the depository financial institution definitely does not recommend it."

Nabiullina has previously stated that cryptocurrencies like Bitcoin (BTC) are "fake coin" and should not be used for settlements in Russia. Back in 2017, she referred to the growing global popularity of crypto every bit a "gold blitz."

Related: Bank of Russia to start digital ruble trials in 2022

Despite being skeptical nearly crypto, Nabiullina is optimistic nearly the digital ruble, the Depository financial institution of Russian federation's central bank digital currency project. She said last yr that a digital ruble would help businesses past cutting out financial intermediaries.

There has been growing criticism of the Bank of Russian federation'due south stance on crypto, with 1 Land Duma member accusing the fundamental bank of being short-sighted on the industry. Russian industrial tycoon Oleg Deripaska blasted the central bank last calendar week for its hesitance in recognizing cryptocurrencies.