Russia has clarified its position after its recent announcement on permission to use the cryptos for international payments. Elvira Nabiullinathe Governor of the Russian Central Bank, reiterated that Russia adheres to a policy of intolerance of crypto transactions at the national level. However, she added that it could be used for overseas businesses and events.
Cryptocurrencies have no place in the Russian financial system.
Yesterday Elvira Nabiullinasaid the country could allow crypto payments under certain conditions. She said crypto payments could be allowed if the ecosystem did not affect the economy of the country.
According to RBC, Nabioullina said that if cryptocurrencies do not enter the Russian financial system, they can be used for international payments. Also, the central bank governor said that crypto-asset prices are volatile. Moreover, she pointed out that investor protection is very important when it comes to these assets. Digital assets must meet all established requirements to protect investors.
” The cryptocurrency should not be traded on organized markets, as this asset is too volatile, too risky for potential investors.”
Bonus: The President of Panama vetoed the crypto bill, calling for tougher AML measures.
Compliance to protect investors
The authorities of the Russian central bank seek to make meet disclosure requirements in the space crypto. On the other hand, assets stored on crypto exchanges must have a prospectus and a responsible person.
In May, the First Deputy Governor of the Bank of Russia, Ksenia Yudaevaintroduced regulations that would allow settlements in cryptocurrency. At the time, she said regulators were not opposed to the use of cryptocurrencies in settlements. However, in the interests of investors, the risks associated with the use of digital assets are also highlighted.
The will be submitted by September The submission of the Russian cryptocurrency bill
Furthermore, Anatoly Aksakovhinted at the time of submission. Aksakov is the head of the Duma Committee on Financial Markets. He revealed that the russian crypto bill long awaited could be submitted in September 2022. However, Anatoly warned that the country’s authorities plan to impose strict regulations on space crypto.
In addition, he told local media that a consensus must be reached by the government and the central bank because a version of the bill already exists. By the way, there are two bills to observe, a crypto mining bill and another on crypto legalization and regulation. Aksakov confirmed that the latter would be confirmed in the fall.
The Central Bank is not giving up its position; it has been respected in all recent discussions. Moreover, the position of the Ministry of Finance is also hardening. I believe that the bill may appear in the State Duma in the fall. Perhaps a compromise will be found, which will consist of very strict regulation of the crypto market,” says Aksakov.
To discover: Goldman Sachs launches the very first derivative product linked to Ethereum.