Cryptocurrencies can be used for international payments if they don’t penetrate the Russian financial system, the head of Bank of Russia has stated. He also stated that digital assets shouldn’t be traded on platforms that are not within Russia.
Bank of Russia Chair Open to Cryptocurrency Payments in International Settlements
Cryptocurrencies can be employed in international payments if they do not “penetrate” the financial system of the Russian Federation, according to Elvira Nabiullina, governor of the Central Bank of Russia (CBR). This official stressed that digital assets like cryptocurrencies are susceptible to large price swings and added:
Because cryptocurrency is too volatile and risky for investors, they should be avoided being traded on any organized market.
RBC Crypto quoted the banker as saying that any digital currency listed on Russian exchanges should comply with regulations to protect investors. Therefore, projects that are involved in trading assets need to have prospectuses, be managed by responsible persons, and comply with the information disclosure requirements.
Nabiullina’s statement comes after last month when her deputy, Ksenia Yudaeva, announced that the CBR is not against the use of decentralized digital assets in “international transactions and the international financial infrastructure,” signaling a softening of the regulator’s stance on crypto payments amid expanding financial sanctions on Russia.
A provision allowing crypto payments in foreign trade has since been added to a new draft law, expected to comprehensively regulate Russia’s crypto sector. The bill “On Digital Currency” is likely to be filed with the State Duma in September, the head of the house’s Financial Market Committee Anatoly Aksakov revealed this week.
Due to ongoing Russian Federation debate about the future of crypto currencies, legislation was delayed. Multiple revisions were made in recent months by the Ministry of Finance since the February submission. According to Aksakov, lawmakers now favor stricter regulations for crypto markets.
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