Central Bank of Russia backs digitalisation of finance without Bitcoin payments

The Bank of Russia has once again spoken out against the use of cryptocurrencies in settlements. This was reported by ТАСС citing a statement by Central Bank head Elvira Nabiullina.

In her words, the regulator advocates developing digital financial assets and modern technologies, but they should not be reduced to cryptocurrencies alone. 

“We have not changed our position regarding private cryptocurrencies — about which it is unclear who is responsible and how, which are opaque and carry large volatility risks — not to be used in settlements,” Nabiullina said.

At the same time, the head of the central bank noted that financial digitisation could help Russia trade with foreign partners.

As reported, the Ministry of Finance wants to allow international settlements in cryptocurrencies for any sector without restrictions. The initiative will require coordination with the central bank. Moscow Exchange or SPB Exchange could serve as service centres for conducting deals.

Against the backdrop of tightened sanctions, Russian companies have partly moved to settlements in cryptocurrencies, despite the lack of regulation.

By 19 December, the government was tasked with preparing proposals agreed with the central bank for the development of cryptocurrencies and the digital ruble.

The roadmap should include provisions regulating mining and the circulation of digital currency on the territory of the country, as well as its use in international settlements.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analytics.