The Russian Orthodox Church’s top, Patriarch Kirill of Moscow and All Rus’, has not advised his people to spend money on anything, including Crypto Trading. The Orthodox Patriarch was said to be blessing financial investments in a video that went viral on the internet. The film includes genuine patriarchal feedback on the economic benefits of automation, as well as a mention of Bitcoin. Irrespective of what the public perceives if the video, the church of Russia distances self from being bitcoiners, and believes the Patriarch is not a Bitcoin apologist either. Vakhtang Kipshidze, the Russian Orthodox church’s official consultant, stated in a news release that the video was a hoax and that the Orthodox patriarch’s remarks had been heavily manipulated.He didn’t decide that all of their members should acquire cryptocurrencies or try to convince them to do so, but he did acknowledge that cryptocurrency can be used as an investment. In a special service at a Moscow church, the patriarch would be blessing potential crypto investors, according to the narrator.

Kipshidze, reacting to the issue, apparently found the claim ridiculous, and stated that anyone who believes the Patriarch would urge anyone to commit fraud is insane. The actual sentence he used is as follows: “That is a complete fabrication. Those who believe the patriarch urges someone to engage in financial fraud and hypothesis are deceiving.” These charges should not be taken lightly, given Russia’s anti-cryptocurrency position. The Russian Central Bank only recently released a study calling for a complete ban on cryptocurrency and all connected activity.In addition to its demand, the Russian central bank equated Bitcoin to a pyramid scheme and requested an immediate ban on its use in Russia. The central bank also cautioned that cryptocurrency might jeopardize the country’s financial sovereignty. The consultant expressed hope that law enforcement agencies would not ignore the facts and would prosecute the con swindlers.

Various religious communities around the world have expressed varied opinions on cryptocurrencies, ranging from cautious approval to outright rejection. The acceptability of cryptocurrencies in the Islamic world, which has its own set of financial standards and laws that now extend to digital assets, is far from uniform. For example, Malaysia’s shariah advisory council has determined that trading digital assets is allowed, but religious authorities pronounced it forbidden, or “haram,” late last year, owing to its speculative nature and alleged proclivity for fraud. On the other side, Buddhists see bitcoin and blockchain technology as a chance to improve the world one person at a time. They seek to free 1.2 billion people from the “wage slavery” produced by the capitalist system by building the ZenVow, a decentralized blockchain-based reward system that rewards people who meditate, do yoga, and take time to conduct breathing exercises.

At a Federation Council session in 2018, Patriarch Kirill entertained a bitcoin debate. He acknowledged cryptocurrencies, notably Bitcoin, as a phenomenon that generates concern and suffering in his remarks. Many people, he claims, are selling their homes and mortgages in order to swiftly collect cryptocurrency. Many people, he found, were under duress and believed that buying bitcoin and investing in cryptocurrencies was something they had to do, probably due to FOMO (Fear of Missing Out).

The volatile character of Bitcoin’s price surges and crashes was also mentioned by Patriarch Kirill. “…and they buy, pledging their homes, and then Bitcoin’s price plummets in two weeks, and the people realize they’ve lost everything.” He declares. According to him, the church saw a need to educate people so that they would not be readily enslaved by passion and would seek to do good things. He also added that the church will take on this educational responsibility because it is the proper thing to do. He also encouraged the government to use legislative regulation to safeguard such persons from excessive dangers and even direct deceit.

The Patriarch, like the rest of the world, has worries about Bitcoin. It’s all too simple to distort someone’s remarks to fit your own agenda, and that’s exactly what happened with the Patriarch. It’s a good thing, though, that the consultant was proactive in dispelling all of the rumors.