The head of the Russian Orthodox Church, Patriarch Kirill, has expressed his concern about the hype surrounding cryptocurrencies and recognized the need for state control over the cryptocurrency market.

The passionate interest in cryptocurrencies can result in loss of all property, and authorities have to limit this risk in order to protect their citizens, Patriarch Kirill said during the VI Christmas Parliamentary Readings in the Federation Council.

"Recently, the so-called cryptocurrencies, in particular, bitcoin, have become more popular in the world, and many people are pledging and selling property in order to quickly enrich themselves by buying cryptocurrencies. TV channels show uncontrollable growth of bitcoin rate against the US dollar," the patriarch said.

According to the head of the Russian Orthodox Church, the church and the state must together limit the people's desire for risky actions.

"The church sees its task in educating a person in such a way that one is not enslaved by passions, but strains after righteous work, which, of course, should be adequately rewarded. But the state in such a situation is designed to protect a person from excessive risks and even fraud, by adopting appropriate legislation," Patriarch Kirill said.

Patriarch Kirill is known to be a close ally of the Russian president Vladimir Putin.