Bank of Russia explains skepticism about the legalization of private crypto assets

First Deputy Governor of the Bank of Russia believes that the country’s economy should develop through the digital ruble

14.09.2022 - 12:40

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2 min

What’s new? First Deputy Governor of the Bank of Russia Vladimir Chistyukhin reported that now the country continues to discuss the legalization of private cryptocurrencies. Herewith, according to Chistyukhin, the Central Bank still feels “very much skepticism” about it because of the high risks. According to Interfax, the Central Bank believes that Russia’s financial market should develop through the digital ruble.

Interfax’s material

What happened before? Vladimir Gutenev, a deputy from the United Russia party, said that cryptocurrency is a necessary tool to circumvent Western sanctions. Herewith, according to him, the only possible cryptocurrency in Russia should be backed by real assets, such as “stablecoin or the golden ruble.”

Amid the controversy over the legalization of cryptocurrencies, the use of digital financial assets (DFAs) is being actively promoted in the Russian Federation. Prime Minister Mikhail Mishustin instructed the Ministry of Finance and the Bank of Russia to develop a strategy for the development of DFAs by December 1. Mishustin believes that this asset class will facilitate import and export payments.

Bank of Russia Governor Elvira Nabiullina noted that the regulator supports cross-border payments with the digital ruble, as well as cryptocurrencies, which, however, should not penetrate the financial system of the Russian Federation.

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