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Monday, March 27, 2023

Crypto Payments Possible if They Don’t Penetrate Russia’s Financial System, Central Bank Says

Crypto Payments Possible if They Don’t Penetrate Russia’s Financial System – According to Elvira Nabiullina, head of the Central Bank of Russia, cryptocurrencies can be used in international payments if they do not “penetrate” the Russian Federation’s financial system. 

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The official went on to say that the prices of these digital assets fluctuate a lot, and emphasized:

“Because cryptocurrency is too volatile and risky for potential investors, it should not be traded on organized exchanges.”

Also Read: Bank of Kyrgyzstan Issues Warning About Cryptocurrencies and Crypto Payments

According to RBC Crypto, the banker stated that digital coins listed on Russian exchanges must adhere to all regulations aimed at protecting investors. As a result, the projects that underpin the traded assets should have a prospectus, a point of contact, and comply with information disclosure regulations.

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Last month, Nabiullina’s deputy, Ksenia Yudaeva, stated that the CBR is not opposed to the use of decentralized digital assets in “international transactions and the international financial infrastructure,” indicating a softening of the regulator’s stance on crypto payments in the face of growing financial sanctions against Russia.

A provision permitting crypto payments in international trade has now been added to a new draft law that is planned to govern Russia’s crypto business comprehensively. The bill “On Digital Currency” is expected to be filed with the State Duma in September, according to Anatoly Aksakov, the head of the house’s Financial Market Committee.

Also Read: Globant Finds 73% of Tech Professionals Believe Metaverse Is Accessible to Them

Crypto Payments Possible if They Don’t Penetrate Russia’s Financial System – The legislation has been delayed due to the ongoing debate in Russia about the future of cryptocurrencies, which has resulted in multiple revisions since the Ministry of Finance submitted it in February. According to Aksakov, lawmakers are now pushing toward stricter crypto market rules, Aksakov told the daily Izvestia.

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