Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

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.”

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

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 you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more