Known for its skeptical and prohibitive approach towards cryptocurrencies, Russia has not yet decided how to regulate cryptocurrencies.
In the past weeks, news that cryptocurrencies will be banned in Russia, and the Russian Central President stated that the bans on cryptocurrencies are applicable and that they are uncomfortable with the investments made in this field.
Speaking about cryptocurrencies, Vladimir Chistyukhin, Deputy Governor of the Central Bank of Russia, said that the Central Bank is currently preparing a detailed report on proposals to limit the use of cryptocurrencies.
“This report will include our approaches to how we see the place of cryptocurrencies in the Russian financial market.
Now I will give you a hint: we see no place for cryptocurrency in the Russian financial market.”
Implying that cryptocurrencies may be removed from Russia’s financial system in the near future, Chistyukhin stated that instead of banning the circulation of cryptocurrencies, the central bank plans to pass a law containing rules on the circulation of cryptocurrencies.
“I believe that the legal changes to be made in the legislation will solve the problems related to cryptocurrencies. Because there will be a more accurate description of how cryptocurrencies can be applied.”
Finally, Vladimir Chistyukhin added that Russian citizens and businesses have the right to buy and store cryptocurrency, but they cannot transact cryptocurrency through local infrastructure or intermediaries.
Russia, which opposes private cryptocurrencies by saying that cryptocurrencies can be used for money laundering or financing terrorism, continues to work to issue its own digital ruble while working on tough regulations for cryptocurrencies.