A senior bank official said that Russia’s central banks is open to accepting cryptocurrencies as international payment options. Ksenia Yudaeva, First Deputy Governor of the central bank, stated that cryptocurrency can be used in international transactions “in principle”.
It does not, however, approve of citizens using cryptocurrencies for payments.
Because they reduce their control over the country’s finances, central banks usually disapprove decentralized digital assets. They may also compete with any CBDC (central bank digital currency) projects. This is about control, since banks will have greater control over what people can do with their money.
We Can Use Crypto, But You Can’t
According to a May 31 Reuters Report, Ksenia Yudaeva cited users risk in relation to its stance on cryptocurrency for its citizens.
“We believe that active use of cryptocurrency in the country, particularly within Russia’s financial system, poses great risks to citizens and users. These risks could be quite large in our country, we believe.
Yudaeva said that Russia’s overall financial stability was being reduced by Western sanctions, as banks have ample foreign currency liquidity.
Although the Russian central bank had previously called for a blanket ban of crypto, it does not see any problems with using cryptocurrencies to its own advantage to avoid sanctions. As the lengthy discussions continue, no clear decision has yet been made about the status of cryptocurrencies for regular Russians.
The finance ministry stated last week that crypto was being discussed for international settlements transactions.
Denis Manturov (Russia’s Industry and Trade Minister) stated earlier this month that crypto payments may be legalized in Russia “in one format or another”
Russia isn’t the only country with contradicting signals about crypto assets. India and Thailand have also opened their state departments to crypto payments and regulations. Their central banks want to place heavy restrictions on them, primarily for the above reasons.
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