According to a Russian News Website, Elvira Nabiullina, the head of the Central bank of Russia has reiterated that Russia stands firm on its policy of intolerance to trading Cryptocurrencies domestically. She however added it could be used in foreign trades and activities.
Cryptocurrencies Have No Place In Russian Financial Systems
The crypto regulation discussion has been on for a while in Russia. Just this year, the Central bank had made a bill to ban cryptocurrencies, on the same day the Ministry of Finance started discussions on a different bill that will regulate the operation of digital assets in the country.
Nabiullina in a recent statement has however made it clear that crypto trading and other related trading have no place in Russia’s financial system, although they can be used for foreign payments, on the condition that they do not infiltrate the country’s domestic financial system.
The head of the Central bank gave reasons for the decision. She explained that due to high volatility in cryptocurrencies, and risk, they should not even be traded in organized systems and marketplaces at all.
According to her, digital assets must abide with all the requirements established to protect investors. Nabiullina also stated that assets that are allowed in must have an emission prospectus, and must comply with the state’s information disclosure requirements.
