The head of the Central Bank of Russia Elvira Nabiullina considers investing in crypto assets the most dangerous strategy for investing, since the losses can be “colossal”. According to her, there are risks when investing in real estate, so one of the best saving strategies is bank deposits.
“The most dangerous of all strategies is, of course, speculative crypto assets. The price is very volatile and the losses can be enormous. The Central Bank never gives advice on where to invest, but in this particular case, it is definitely not necessary here, ”said Ms. Nabiullina in an interview with Komsomolskaya Pravda.
According to her, you need to save in the currency in which you plan to spend. At the same time, she noted that losing money on the foreign exchange market is much easier than earning. This is due to the fact that the trend in the foreign exchange market does not say anything about what the rate will be when the money is needed. Risks also arise when investing in real estate, as you can find yourself in a situation where the savings are less, and it will not be so easy to turn them back into money.
According to the head of the Central Bank, one of the best conservative savings strategies is bank deposits. “Many went to the stock market, here the profitability is higher, but we must always remember that there are risks. You need to carefully study the products, be critical of advertising, especially when you are told that there are no risks, and the profitability is high. This does not happen, ”said Elvira Nabiullina.
Earlier, Ms. Nabiullina said that “practically no one” from the countries allows the use of cryptocurrencies as a means of payment. According to her, the cryptocurrency market is difficult to restrict at the national level. The Central Bank considers cryptocurrencies themselves to be a “monetary surrogate” and does not support their use.