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The head of the Russian Federation’s Central Bank - Elvira Nabiullina stated that investors’ hype about cryptocurrencies and blockchain has begun to vanish.

Nabiullina made her announcement at the FINOPOLIS financial technology forum.

Nabiullina has made a name for herself as being an economic advisor to Vladimir Putin. She proclaimed how the business feels and reacts to the bearish trend in crypto markets. Nabiullina stated that the failure of most ICOs and blockchain projects had influenced investors to “sober up” and act as they should.

„It’s the fourth FINOPOLIS event, and this year we see that the cryptocurrencies and blockchain fever is beginning to diminish.”, Nabullina said. “If last year blockchain companies could get investors just by saying they are blockchain-based, now we see a more strict and sober attitude towards such investments.”

Nabiullina’s statement is coming in a time of mass adoption for cryptocurrencies in Russia. Even Vladimir Putin has proposed that the Russian Federation must create a regulatory institution and framework for blockchain-related businesses. But for now, the progress is plodding.

And although the Russian Federation does not have regulatory institutions, Russia’s presence in cryptocurrencies and blockchain is enormous – the country has the third largest community online, and crypto companies are full of Russians. Nabiullina showed optimism for Russia to become a global leader in such technologies, but thanks to the bearish trend in cryptocurrencies over the past couple of months, she hopes investors can distinguish the false from the true opportunities. The downward trend can also help crypto and blockchain startups to correct any flaws in their products and services before launching them.

Nabullina also showed her support for ICOs as a quick and easy way to raise funds for starting or finishing a product or a service. She noted that ICOs might be the perfect fundraising mechanism, but some ICO issuers only used them for fraudulent activities.

In 2017, the former economic advisor of Putin compared the crypto hype to the gold rush of the 19th century.

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