The
Chechen leader Ramzan Kadyrov shared some harsh comments about
cryptocurrencies amid growing interest in the technology amongst
Chechnya’s citizens.


According to Pravda, Kadyrov claimed that the media is presenting crypto “as the new gold,” provoking what he calls a kind of Bitcoin (BTC) “fever”:



"People
take loans, save on themselves and their families, invest their last
money in digital assets that promise incredible profits."



The
head of the Chechen Republic, a federal subject of the Russian
Federation, also warned that excess profit is tied with “big risks.” He
also claimed that over the past month, “Bitcoin has depreciated in half”
— a statement which can be disproven by anyone with a quick Google
search.


Kadyrov said that people dream of easy money,
and this creates a false promise of wealth that crypto does not offer
and has never offered. He further added:



“I
am more worried about the moral side of such investments. A person who
invests in cryptocurrencies expects their value to grow many times. But
why is that person waiting for this? Did the person work hard to get
this profit?”



The Chechen leader also
pointed out the “greed of people” who have boosted the price of crypto.
He claims these people are “trying to attract new investors and profit
from their greed,” and ultimately stressed that he won’t support any
projects which utilize digital assets.


Russia recently passed its first major legislation devoted to cryptocurrencies, though the country’s central bank continues to treat the industry as a criminal area.


Taking
a similar stance, Sergei Shvetsov, the first deputy governor at the
Bank of Russia, compared cryptocurrency to financial pyramid schemes and
roulette games.