Cryptocurrencies can be used for international payments if they do not penetrate the Russian financial system, the head of the Bank of Russia said. The governor also insisted that digital assets should not be traded on domestically operated platforms.
Bank of Russia Governor Ready to Accept Cryptocurrency Payments for International Settlements
According to Elvira Nabiullina, Governor of the Central Bank of Russia (CBR), cryptocurrencies can be adopted for international payments if they do not “penetrate” the financial system of the Russian Federation. The president added that these digital assets are subject to high price volatility, stressing that.
Cryptocurrencies should not be traded on organized markets because this asset is too volatile and too risky for potential investors.
A banker quoted by RBC Crypto stated that digital coins listed on Russian exchanges must comply with all regulations designed to protect investors. Thus, the project behind the assets being traded must have a prospectus, a responsible party, and meet disclosure requirements.
Naviulina’s statement comes as the regulator’s stance on crypto payments softens amid growing financial sanctions against Russia after her deputy, Ksenia Yudaeva, announced last month that the CBR is not opposed to the use of decentralized digital assets in “international trade and international financial infrastructure” Indicates.
Provisions allowing crypto payments in foreign trade have since been added to a new draft law expected to comprehensively regulate the Russian crypto sector. The bill “On Digital Currency” is likely to be submitted to the State Duma in September, Anatoly Aksakov, head of the chamber’s Financial Markets Committee, said this week.
The bill has been delayed by the ongoing debate over the future of cryptocurrencies in the Russian Federation, as it has been revised several times over the past few months since it was submitted by the Ministry of Finance in February Aksakov told the daily Izvestia that lawmakers are now leaning toward more stringent rules, he said.
Image credits: Shutterstock, Pixabay, Wiki Commons, ID1974