The financial system of Russia should not be used for transactions with cryptocurrencies, said the head of the Bank of Russia Elvira Nabiullina at a press conference following a meeting of the regulator’s board of directors.
“Our attitude towards cryptocurrencies, to put it mildly, is skeptical,” she recalled, adding that the Central Bank “cannot welcome investments” in cryptocurrencies due to the volatility of the latter, as well as the risks they pose for retail investors.
“We advocate that the Russian financial infrastructure is not used for transactions with cryptocurrencies. It is quite possible to realize this, ”the head of the Central Bank noted.
The day before, Reuters, citing sources close to the Central Bank, reported that the regulator wants to ban investment in cryptocurrencies in the country, as it sees risks to financial stability in the growing number of transactions with cryptocurrency.
According to the interlocutors of the publication, the Central Bank is now negotiating with market participants and experts on a possible ban on cryptocurrencies. This measure may affect new buyers of similar assets, but not those who have purchased cryptocurrency earlier, one of the sources argued. Another said that the Central Bank is in favor of “complete abandonment” of all cryptocurrencies. The Central Bank itself replied that they are preparing an advisory report, which will set out the position of the regulator.
Now in Russia, the purchase and sale of cryptocurrency is legalized, but it is prohibited to pay with it within the country. Currently, two diametrically opposite approaches to the regulation of cryptocurrencies are being discussed – from a complete ban to the legalization of exchanges, State Duma Deputy Anatoly Aksakov, who is part of the working group on the development of legislation on cryptocurrencies, said on December 16. It is necessary to decide on the approach to the crypto market already within the next year in order to form an approach to the next tax period, he added.
According to the Central Bank, the annual volume of transactions of Russians with digital assets is $ 5 billion (about 350 billion rubles). At the same time, Russian users are among the most active participants in the cryptocurrency market, including the Binance exchange.
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