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 reported that the Central Bank will support the initiative to ban settlements incryptocurrency at the legislative level, if offered.

So far, from the package of bills regulatingthe crypto industry and the digital asset market, two have been adopted, and the third, the most important, is still being finalized. However, business is already ready for tokenization and is tired of waiting for the relevant departments and working groups to come to an agreement, so the Russian Union of Industrialists and Entrepreneurs turned to Vladimir Putin with a request to speed up the adoption of the law on DFA.

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