December 9, 2022

The Central Bank will support the ban on payments in cryptocurrency

The Central Bank will support the ban on payments in cryptocurrency

Bank of Russia insists that the use ofcryptocurrencies create risks for the financial system and the only legal tender in Russia can only be the ruble, according to RIA Novosti.

The regulator believes that digital currencies simplifymoney laundering and other illegal operations can also destabilize the financial system during exchanges during periods of strong fluctuations in the exchange rate. Therefore, they cannot be equated with fiat or legalized.

The press service also said that the Central Bank will support the initiative to ban settlements in cryptocurrency at the legislative level, if offered.

So far, from the package of bills governingthe crypto industry and the digital asset market, two are accepted, and the third, most important, is still being finalized. However, the business is ready for tokenization and tired of waiting for the relevant departments and working groups to agree, so the Russian Union of Industrialists and Entrepreneurs asked Vladimir Putin to expedite the adoption of the CFA law.