The Russian Central Bank has issued a warning to its people, advising them to steer clear of cryptocurrencies because of the rising “risks” associated with them as a result of “sanctions from hostile nations.” And as a follow-up to that, it has issued yet another request for a general prohibition on tokens such as bitcoin (BTC).
TASS, via Finversia, quoted the bank as making its claims in its latest financial stability report. The bank wrote:
“Currently, the risks of cryptocurrencies for investors and the Russian economy are growing due to sanctions-related pressure from unfriendly countries. The [Central Bank] advocates a ban on cryptocurrencies in the regulated financial system. The widespread use of cryptocurrencies is associated with significant threats to the welfare of citizens, monetary circulation, and financial stability.”
The bank added that crypto carries inherent money laundering and terrorism financing-related “risks.”
However, despite the fact that the Central Bank has made it quite apparent that it is opposed to cryptocurrencies for some time now, other government agencies have adopted a considerably more progressive attitude on the issue. Because of this, the bank has been compelled to take a more accommodating approach.
It Is Possible That Sanctions Will Force the Central Bank to Change Their Position Cryptocurrency
According to TASS, the Deputy Minister of Finance, Alexei Moiseev, has claimed that the Ministry of Finance and the Central Bank have reached an agreement that “under the current circumstances,” it would “not be possible” for Russia “to do without” cross-border settlements conducted “in cryptocurrency.” TASS reported this information.
It has been verified by the Central Bank that “discussions” along similar lines have taken place between the ministry and the Central Bank. However, it also took use of the opportunity to “highlight” the fact that it “opposes the legality of crypto exchanges, brokers, and settlements done in cryptocurrency inside Russia.”
Following the implementation of “tight sanctions on Russia in 2022,” the media outlet arrived at the conclusion that the protracted argument about the legal status of cryptocurrencies in Russia has “taken a new turn.” In addition, it said that the sanctions had caused a significant amount of chaos in the international payments system.
However, it seems that political leaders will not be able to realize their goal of regulating the cryptocurrency industry before the end of the year. Despite this, there are still others who hold out hope that the industrial mining of cryptocurrencies will be made legal in the next weeks.
Compiled by Coinbold
