Combating financial pyramids requires firstly financial literacy of population, director of the legal department of the National Bank of Ukraine Viktor Novikov said during a press club meeting on topic "Financial Pyramids: can state protect citizens and financial system?" ForUm correspondent reports.

"The most effective way is prevention, as in medicine, but not bans or punishments. We need to develop the financial literacy starting from the very early age, from school," the banker said.

He added that we should not confuse "pyramids" and legitimate institutions of joint investment existing in Ukraine and other countries for many years. "The distinction of these two concepts is very important to improve the protection of financial services’ consumers," the representative of the NBU summed up.


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