The chairman of the Bank of Russia is expected to accept cryptocurrency payments for international settlements
The head of the Russian central bank said that if cryptocurrency does not permeate Russia’s financial system, it can be used for international payments.The governor also argued that digital assets should not be traded on domestic operating platforms.
The chairman of the Russian central bank plans to accept cryptocurrency payments for international settlements.
Elvira Nabiullina, Governor of the Central Bank of Russia (CBR), said that unless cryptocurrencies “permeate” Russia’s financial system, they can be used for international payments.This official added that the price fluctuations of these digital assets are large and emphasized this point.
Cryptocurrencies should not be traded on organized markets because these assets are too unstable and pose too great a risk to potential investors.
Quoting the words of RBC Crypto, the banker said that digital coins listed on Russian exchanges must comply with all regulations protecting investors.Therefore, the projects behind the traded assets must have a prospectus, recruit personnel, and conform to disclosure requirements.
Nabiullina’s statement indicates that regulators may soften their stance on encrypted payments under financial expansion, after Deputy Governor Ksenia Yudaeva announced last month that the CBR does not oppose the use of decentralized digital assets in “international transactions and international financial infrastructure,” which could lead to sanctions on Russia.
Subsequently, a clause permitting cryptocurrency payments in foreign trade was added to a new draft law, and it is expected to fully regulate Russia’s cryptocurrency industry.Anatoly Aksakov, Chairman of the State Duma Financial Market Committee, revealed this week that a bill on “digital currencies” could be submitted to the State Duma in September.
This legislation has been postponed due to ongoing debates about the future of cryptocurrency in the Russian Federation and has been revised several times in recent months since the Ministry of Finance submitted it two months ago.Aksakov told the daily newspaper Kommersant that legislators are currently tending to enact stricter rules for the crypto market.
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