​The Central Bank of Russia has refused to provide services related to crypto assets

What’s new? The Central Bank of the Russian Federation has stated that it refuses to provide digital asset services. The regulator stressed that dealing with cryptocurrency has high risks and does not meet the demands of the investors in the stock market. The information was published on the Central Bank's website following a meeting on the development of the domestic securities market.

Information on the website of the Central Bank of the Russian Federation

What else did the regulator say? The Bank of Russia has opposed the use of digital assets as a currency for the settlements because they are not backed by the state.

“The industry representatives have raised the issue of allowing investments in the crypto assets. According to the Bank of Russia, the provision of services by the financial institutions related to the transactions with crypto assets and derivatives on such assets does not meet the interests of the investors in the financial market and carries high risks.”

What events preceded it? Russian President Vladimir Putin spoke about the risks of cryptocurrency use at the “Russia Calling!” investment forum. He pointed to its high volatility but did not rule out that there may be a future for digital assets.