Russia has clarified its position after its recent announcement on permission to use crypto for international payments. Elvira Nabiullinethe 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 NabiullineI have stated that I am paying to allow crypto payments under certain conditions. She said crypto payments could It is allowed if the ecosystem does not affect the economy of the country.
According to RBC, Nabioulline I said that if cryptocurrencies do not enter the Russian financial system, they can be used for international payments. Besides, the central bank governor said that crypto-asset prices are volatile. Moreover, she pointed out that investor protection is three important elements when it comes to these assets. Digital assets must meet all specified 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 opposed the veto of the crypto project, appealing to the stricter AML measures.
Compliance to protect investors
The authorities of the Russian central bank seek to make comply with disclosure obligations 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 Yudaevato present the regulation that allows cryptocurrency regulation. At the time, he said regulators were not opposed to the use of cryptocurrencies in settlements. However, in the interest of investors, the risks associated with the use of digital assets are also more in evidence.
The will be submitted by September The submission of the Russian cryptocurrency bill
More, Anatolia Aksakovone alludes to the time of submission. Aksakov is the head of the Duma Committee on Financial Markets. I revealed that Russian Crypto Bill so expected could be submitted in September 2022. However, Anatolia Warned that the country’s authorities plan to impose strict regulations on space crypto.
In his own, he tells local media that a consensus needs to be reached by the government and the central bank with a version of the bill that 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 renewed its position; it has been respected in all recent discussions. Moreover, the position of the Ministry of Finance also lasted. 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.
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