The Illusion of Currency Protection in Traditional Banks: What Lies Behind 'Currency Accounts'?
The traditional banking system seemingly offers a simple solution for protecting savings in the event of a decline in the national currency — currency accounts. However, in practice, many of these products only create an illusion of security.
When clients transfer rubles to so-called 'currency accounts', their money is often not converted into dollars or euros. Instead, it is indexed according to the exchange rate, remaining in the ruble zone.
Why is this a problem?
1. Money remains vulnerable: With further weakening of the ruble, clients bear the same risks as if they were holding regular ruble funds.
2. Illusion of safety: Such accounts appear to be real protection, but in fact, they do not ensure capital preservation.
Conclusion: Users of traditional banks often find themselves without an effective tool to protect their savings, highlighting the need to explore alternative financial solutions, such as cryptocurrencies.
