Russia outlines its position on crypto

The use of digital currencies as a means of settlement will remain prohibited, says the central bank

The Bank of Russia (CBR) is against the legalization of crypto-exchanges, exchangers and settlements in cryptocurrency within the country, RIA Novosti reported on Monday, citing the regulator’s press service. However, the report noted that cross-border crypto transactions may be legalized.

Earlier on Monday, Russian Deputy Finance Minister Alexey Moiseev stated that the CBR and the Ministry of Finance had come to an understanding that the country could not do without cross-border settlements in cryptocurrency in the current circumstances.

“The Bank of Russia is currently working on this issue with the Ministry of Finance and the Ministry of Economic Development,” the press service said following Moiseev’s announcement. “At the same time, it is important to emphasize that we are not talking about the legalization of cryptocurrency as a means of payment in our country, [nor] the legalization of crypto-exchanges and crypto-exchangers within Russia.”

The regulation of cryptocurrencies has been the subject of heated debate in Russia for years, and digital tokens are still a gray area. The CBR has been a vocal opponent of crypto, however, pushing for a blanket ban.

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