The Bank of Russia has proposed banning the use of cryptocurrencies for transactions between residents outside experimental legal regimes (ELR). This was reported by RBC, citing a statement from the head of the regulator, Elvira Nabiullina.
The central bank believes that digital assets should not be used as a means of payment. They suggested introducing penalties for violators.
Nabiullina also noted the high volatility of cryptocurrencies, their association with opaque operations, and the risks for users. Nevertheless, the Bank of Russia is ready to move towards creating a regulated environment.
The head of the Bank of Russia added that within the ELR, it is possible to develop operational standards, provide access to “qualified” investors, and assess potential changes in approaches to cryptocurrency investments.
According to her, the regulator views the experimental regime as a way to increase market transparency and minimize risks, keeping digital asset transactions under strict control.
Back in March 12, the Bank of Russia proposed allowing qualified individuals to trade cryptocurrencies within a three-year ELR.