Although Russia’s Central Bank does not ban the use of cryptocurrencies in foreign transactions, it does oppose their use in the domestic financial system because of the risks they represent to normal investors.
According to a top bank official, Russia’s central bank is willing to authorize the use of cryptocurrency to foreign transactions. There is a possibility that this comment might indicate a change in the bank’s position on digital currency.
A Central Bank official, Ksenia Yudaeva, said during a news conference that “in principle, we do not object to the usage of cryptocurrencies for international transactions.” Yudaeva made this comment.
Cryptocurrency markets and digital currency usage in Russia are now being debated by Russia’s government. It was previously urged by the Russian central bank that digital currencies be completely banned.
A major risk for people and businesses in Russia, she said, is the active use of cryptocurrencies, particularly by those working inside the country’s financial system. In her function as the bank’s regulator, Yudaeva did point out that the widespread usage of bitcoin in Russia remains a financial concern. She continued, saying, “we fear such dangers could be fairly prevalent in our country.”
Foreign Crypto Transactions Will Help Russia
According to remarks made last week by the finance ministry, allowing the use of Bitcoin to settle foreign payments would help Russia combat the effect of these sanctions.
Russia’s overall financial soundness has improved as a result of Western sanctions on Russian lenders, according to Yudaeva.
Due to Western sanctions placed on Russia when Moscow launched thousands of soldiers into Ukraine, many Russian institutions have been shut off from the global financial network.
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