Russian central bank leader dismisses cryptocurrency prospects
Elvira Nabiullina, the head of Russia’s central bank, has called for a ban on cryptocurrency settlements within the country. Currently, Russia permits cryptocurrency mining and experimental foreign-trade settlements using crypto. During a press...
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Elvira Nabiullina, the head of Russia’s central bank, has called for a ban on cryptocurrency settlements within the country. Currently, Russia permits cryptocurrency mining and experimental foreign-trade settlements using crypto.
During a press conference on Friday, Nabiullina remarked that cryptocurrencies remain “very volatile [financial] instruments often used for shady operations.” She argued that they should not be utilized as a means of payment.
Last year, President Vladimir Putin addressed the need for regulations surrounding cryptocurrencies and digital assets, identifying them as a promising sphere. He encouraged the establishment of frameworks to facilitate the circulation of digital assets both domestically and with international partners.
In August 2024, Nabiullina announced that the Bank of Russia would embark on its first cross-border crypto payments by the end of that year as part of an experimental initiative. She reiterated on Friday that any crypto transactions outside of this defined legal framework should be prohibited, and those who violate these regulations should face legal consequences.
Nabiullina expressed support for allowing cryptocurrencies to function as an investment tool for certain qualified investors, cautioning that such investments carry significant risks. She suggested that the initial experimental format could help in crafting future regulations for crypto investments, along with ensuring their transparency.
In August 2024, Russia implemented a law that prohibits the advertising of cryptocurrency to the public as well as promoting goods or services that facilitate digital currency transactions. This legislation also bans the advertising of digital currencies and platforms such as crypto exchanges or wallets, with administrative penalties for violations.
Cryptocurrency mining was legalized in Russia in 2024, but it faced restrictions in certain regions until 2031 to prevent power shortages caused by its high energy consumption. In February, access to the major cryptocurrency exchange aggregator BestChange was blocked in Russia.
Alejandro Jose Martinez for TROIB News
During a press conference on Friday, Nabiullina remarked that cryptocurrencies remain “very volatile [financial] instruments often used for shady operations.” She argued that they should not be utilized as a means of payment.
Last year, President Vladimir Putin addressed the need for regulations surrounding cryptocurrencies and digital assets, identifying them as a promising sphere. He encouraged the establishment of frameworks to facilitate the circulation of digital assets both domestically and with international partners.
In August 2024, Nabiullina announced that the Bank of Russia would embark on its first cross-border crypto payments by the end of that year as part of an experimental initiative. She reiterated on Friday that any crypto transactions outside of this defined legal framework should be prohibited, and those who violate these regulations should face legal consequences.
Nabiullina expressed support for allowing cryptocurrencies to function as an investment tool for certain qualified investors, cautioning that such investments carry significant risks. She suggested that the initial experimental format could help in crafting future regulations for crypto investments, along with ensuring their transparency.
In August 2024, Russia implemented a law that prohibits the advertising of cryptocurrency to the public as well as promoting goods or services that facilitate digital currency transactions. This legislation also bans the advertising of digital currencies and platforms such as crypto exchanges or wallets, with administrative penalties for violations.
Cryptocurrency mining was legalized in Russia in 2024, but it faced restrictions in certain regions until 2031 to prevent power shortages caused by its high energy consumption. In February, access to the major cryptocurrency exchange aggregator BestChange was blocked in Russia.
Alejandro Jose Martinez for TROIB News
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