Russia’s Central Bank stated limited opportunities to circumvent sanctions with cryptocurrencies

he Bank of Russia remains concerned about the high risks associated with digital assets

16.04.2022 - 07:00

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What’s new? Opportunities to circumvent sanctions with cryptocurrencies are limited, First Deputy Governor of the Bank of Russia Ksenia Yudaeva said. According to her, the Central Bank remains wary of digital assets, Interfax reports. The ministry is concerned about their increased volatility, the ability to “infect” the financial system, and a possible threat to consumer rights.

Interfax’s material

What else did the Deputy Governor add? The Central Bank’s stance on cryptocurrencies remains tough, but Yudaeva stated that the Bank had decided to concede to the government on some regulatory issues. She added:

“In some things, we probably decided not to argue anymore, for example, about mining [...] This is not our authority, not our mandate. Therefore, if the government considers it necessary to legalize mining, let it be mining.”

Earlier, the Ministry of Energy of Russia proposed to legalize the mining of cryptocurrencies. The department jointly with the Ministry of Finance are discussing the possibilities of the miners’ taxation. Also, the Central Bank pledged not to delay the issuance of the digital ruble, as it is “really needed” for Russia.

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