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The Finance Minister has advised young individuals to explore opportunities within the Russian stock market.
Anton Siluanov, the Finance Minister, encouraged the youth not to invest in cryptocurrencies but to test their abilities on the stock market. He explained that while cryptocurrencies are justified for international transactions, there are numerous investment options available in Russia, during his speech at the educational marathon for young people titled “Knowledge. First” in Moscow.
“Some individuals view cryptocurrency as a quick money-making avenue. I would not advise that. For investment purposes, it is definitely not recommended; today, there are countless other ways to invest and earn well,” Siluanov stated.
According to the minister, legislation has been adopted to legalize mining due to the abundant supply of electricity in the country. Given the restrictions on transactions in hostile currencies and through unfriendly banks, the use of cryptocurrencies for import and export payments has become valid, as they enable transactions outside the banking sector.
At the same time, Siluanov suggested that young people consider a long-term savings program or invest in the stock market.
“On one hand, this benefits you; on the other hand, it lays the foundation for our independent financial system. We are directing money that used to be hidden away (as many people traditionally stored it) into the market. The money works for its investors, yielding interest. And right now, it’s a good time to earn well from this,” the minister elaborated.
A recent NAFI study assessing the financial literacy of the Russian population indicated that it is primarily the youth (27%) who struggle with understanding the correlation between risk and return. The research also revealed that 13% of respondents are inclined to take significant risks, of which 37% are individuals under the age of 24.
This is not the first time the Finance Minister has urged young people to be cautious when investing in cryptocurrencies. Previously, during a meeting with university students, he compared crypto investments to playing slot machines.
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