Chechen leader Ramzan Kadyrov shared harsh comments about cryptocurrencies amid growing interest in technology among Chechen citizens.

According to Pravda, Kadyrov said that the media portrayed the cryptocurrency as “like the new gold”, which has led to what he calls a kind of Bitcoin (BTC) fever:

“People are borrowing, saving for themselves and their families and investing their money at the last minute in digital assets that promise incredible returns.”

The president of Chechnya, one of the Russian federation components, also warned that the profits were linked to “major risks”. He also mentioned that “the value of Bitcoin has decreased by half” in the last month, a requirement that anyone who quickly searches on Google, can reject it.

Kadyrov said that people dream of simple money, and this creates a false promise of wealth that the cryptocurrency did not give and did not give at all. He also added:

I am more concerned about the ethical aspect of such investments. A person who invests in cryptocurrency expects that their value will increase many times over. But why is this person waiting for this? Did the person work hard to make this profit? ”

The Chechen leader also referred to the “greed of the people” which increased the price of the cryptocurrency. He claims that these people “are trying to attract new investors and capitalize on their greed”, and finally claimed that he will not support any projects that use digital assets.

Russia recently passed its first major cryptocurrency law, although its central bank continues to treat the industry as a criminal area.

Takes a similar position, compared the first deputy governor of the Bank of Russia Sergei Shevtsov cryptocurrencies with pyramid schemes and roulette games.