Russia’s Central Bank has not changed its attitude towards cryptocurrencies even in the face of sanctions

Due to the restrictions imposed, international settlements through the Russian banking system have been virtually stopped

04.03.2022 - 07:55

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What’s new? Maria Telegina, the head of the expert group of the Department of Financial Technologies of the Central Bank of Russia, said that the Bank of Russia’s position will remain unchanged regarding a complete ban on the circulation and mining of cryptocurrencies. The introduction of sanctions did not affect the regulator’s opinion in any way. This is reported by Interfax.

Information on the Interfax website

What do the experts say? Telegina added:

“The Central Bank currently supports the position that was previously announced and published on the official website. There is nothing to add today.”

Sergei Glazyev, an academician of the Russian Academy of Sciences and former adviser to the Russian president, noted that international settlements through the Russian banking system have been virtually stopped due to the imposed sanctions. He stated that cryptocurrencies can become an alternative for cooperation with foreign partners.

What had happened before? According to Finance Ministry chief Anton Siluanov, legalizing mining in Russia and getting taxes from it will be more appropriate than a complete ban. He believes that the Central Bank wants to ban digital assets, arguing that it can have a negative impact on the financial system, banks and create a non-transparent settlement market.

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