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“The trust of Russians in cash ...

“Russians’ confidence in cash is falling,” says EXMO
CONTENT

  • Depositors continue to withdraw money from banks

  • ВТС remains the leader in the cryptocurrency market

  • Dollar accounts no longer guarantee the safety of funds

International consortium of news organizations developing transparency standards.

“The trust of Russians in cash ...

Previously, bank deposits could not be attributed to high-yield investments, and after the interest rate was reduced to 4.5%, the point in them completely disappeared. Today, more and more Russians are interested in altcoins and are studying the country’s cryptocurrency market. How the Central Bank’s interest rate cut will affect the crypto segment, BeInCrypto asked a team of experts from EXMO cryptocurrency exchange.

 

Zlata Parasochka, Head of External Communications, EXMO Exchange: 

Z.P .: Back in March 2020, a significant outflow of bank deposits was noticed among residents of Russia. Against the backdrop of the economic crisis caused by COVID-19, Russians withdrew a total of $ 5 billion from bank accounts in March. Three months later, the situation has not changed significantly: depositors continue to withdraw their own funds from a number of Russian banks. In addition, anti-crisis measures led to the fact that the Central Bank of Russia lowered the interest rate on deposits to 4.5%. I believe that such a course of events, implying a decrease in the profitability of bank deposits, will lead to an even greater outflow of funds. Investors are forced to look for an alternative, and against the backdrop of the fall of classical financial indices, investments in cryptocurrencies look the most promising. I also note that a significant advantage of investing in cryptocurrency is the isolation of the market and its flexibility..

“The trust of Russians in cash ...

 

Sergey Zhdanov, CEO of EXMO exchange:

S.Zh .: I believe investing in cryptocurrency is an exclusively individual process and the personal responsibility of each potential trader. Perhaps today it is not entirely objective to make any predictions on this score. Of course, the first cryptocurrency (BTC) rightfully remains the market leader and sets the trend, followed by Ethereum, but the diversity of the cryptocurrency market offers many options for investment. Here is a small list of recommendations for those who are potentially going to invest in cryptocurrency. When choosing a cryptocurrency, you should remember a few important things: risk diversification (“put your eggs in different baskets”); project development plan (if we are talking about long-term investments). You should also pay attention to how closely the team adheres to the development plan and fulfills its own obligations to the community. Basic use of technical analysis can help you avoid intuitive trading.

  

Maria Stankevich, EXMO Business Development Director:

M.S .: Trust in cash is minimal in the investment community today. In the current situation, you can only trust working investments that affect the capitalization and scaling of companies. Gone are the days when dollar accounts were the security of funds. After the crisis, if companies are properly managed, every dollar invested in capitalizing and maintaining the company will grow exponentially. And the dollar stored in the dollar will inevitably lose value. And, as a result of such a cool attitude of most of the cryptocurrency market players towards cash, we see that the services provided by serious companies are better and more diverse than those found in the world of fiat..

It seems to me that the pandemic that has brought down the stock markets could be a key factor for the massive transition to cryptocurrencies and smart contracts. I see the reason as the traditional American way of saving the economy, namely, injecting a fabulous sum of $ 7 trillion into big business. And this is not the limit. As a result, confidence in the dollar will fade.

As for the influence of the bill on the interest of Russian investors, I think this situation did not affect the interest in any way. First of all, because at the moment there is not a single exchange registered in Russia. And with the adoption of this law – and will not. In the current version, we are talking about exchange operations on the territory of Russia, which has nothing to do with us or any other exchange registered outside the Russian Federation. Therefore, if the law is adopted in the current version, nothing will change for us, as an exchange..

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“The trust of Russians in cash ...

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