The First Deputy Chairman of the Central Bank of Russia called cryptocurrencies "a high-tech financial pyramid".

"Cryptocurrency combines two characteristics. On the one hand, the cryptocurrency is used as a means of payment. On the other hand, it is a high-tech financial pyramid. Naturally, I do not recommend anyone to invest in something that does not entail any obligations," he said.

The Central Bank representative admitted that the demand for cryptocurrencies is also based on the fact that they can be used as a means of payment, but as such their role is often limited to circumventing "certain regulatory restrictions". "But this is a temporary phenomenon, and all regulators agree that such restrictions should not be dealt with appropriately. The future of the cryptocurrency is in a deep fog, and I advise no one to do so," he added.

Shvetsov also warned the public against placing excessive expectations on the law on digital financial assets, which he hopes will be adopted by the State Duma in the fall: "However, this does not mean that it will legalize the circulation of cryptocurrencies. We see the cryptocurrency as a high-tech pyramid and are not going to promote the acquisition of cryptocurrencies by our citizens, especially for investment purposes.