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Russian Finance Ministry Warns Citizens of High Risk Associated With Cryptocurrencies

According to the director of the Russian Finance Ministry's financial policy department, Ivan Chebeskov, cryptocurrencies are considered "high-risk financial instruments" and are not suitable for most Russians as a form of savings.

However, Chebeskov stated that professional investors may find tokens to be suitable. The ministry did not suggest a ban on crypto, but instead emphasized caution for citizens who already invest in assets like securities and real estate.

The Central Bank has warned that investing in cryptocurrencies could be subject to sanctions, and over 800 crypto wallets related to Russia-based individuals have already been blocked. Despite this, the Russian Ministry is in favor of regulating and taxing tokens, and is particularly keen on allowing crypto miners to operate in the country.

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