Banker Rumas: Cryptocurrencies similar to financial pyramid

Syarhei Rumas


Development Bank Chairman Syarhei Rumas compared the cryptocurrencies with the excitement around the popular pyramid scheme of the 1990s.

“If we consider it as a means of investment, it is a modernized MMM. Those who were first to invest funds will make money, but many will lose,” Rumas told reporters, when asked about the attitude towards cryptocurrencies.

“If we consider it as a means of payment, yes, it is a handy tool, especially for those who for various reasons want to circumvent the requirements of the regulators. Therefore, I do not quite understand why Belarus should be ahead of the rest,” he added.

Rumas has a similar opinion about the blockchain technology.

“I would not say that this is a revolution. Yes, this is a new advanced technology based on distributed database. Its scope can be very broad, but to say that by adopting it, we will solve all the problems and rush fprward is probably too high an expectation,” said the banker.

Syarhei Rumas stressed that this was his “personal opinion”.,

See also