Russia explains its stance on cryptocurrency

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(MENAFN) According to RIA Novosti, which cited the regulator’s press office, the Bank of Russia (CBR) opposes the licensing of cryptocurrency exchanges, exchangers, and settlements within the nation. The study did mention that international cryptocurrency transactions may become lawful.

Alexey Moiseev, the deputy finance minister for Russia, claimed earlier on Monday that the CBR and the Ministry of Finance had agreed that, given the current situation, the nation could not function without cross-border cryptocurrency payments.

The press office stated after Moiseev’s declaration, “the Bank of Russia is currently working on this issue with the Ministry of Finance and the Ministry of Economic Development.” Citing, “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.”

Digital tokens continue to be a matter of controversy when it comes to the regulation of cryptocurrencies in Russia. However, the CBR has advocated for a broad prohibition and has been a strong opponent of cryptocurrency.

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