Support The Moscow Times!

Orthodox Leader Says Russians Should Stop 'Losing their Minds' Over Bitcoins

Patriarch Kirill Council of the Federation / FLickr (CC BY-NC-SA 2.0)

The leader of Russia’s Orthodox Church has spoken out against the latest craze over cryptocurrencies, calling for cooler heads and government protection against "outright deception."

The bitcoin cryptocurrency is currently trading at around $10,000 after a head-spinning 2017 that saw it peaking at $20,000 in mid-December. Cryptocurrencies have been a big hit in Russia, despite fears over their volatility.

“People are selling all of their property to get a chance at quick enrichment by buying cryptocurrencies,” Patriarch Kirill said in an address to Russian senators on Thursday.

He said that people “lose their minds” when they see the uncontrollable growth of the value of bitcoin against the dollar.

“Suddenly, bitcoin collapses [in value] and people realize that they didn’t win anything but that they lost everything they had,” he told the upper house of parliament.

Russia’s Finance Ministry published a draft bill establishing a regulatory system for digital assets this week, moving closer to legalizing cryptocurrencies despite concerns from the country’s Central Bank.

Calling on legislators to prevent the risk of cryptocurrencies, Patriarch Kirill noted that it was the church’s role to prevent “enslavement by the passions and to promote righteous labor, which should, of course, be adequately compensated.”

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more