Bank of Russia says it is ‘categorically opposed’ to cryptocurrencies.

The Bank of Russia’s heightened focus on cryptocurrencies is tied to their use in anonymous transactions among citizens. This was reported by сообщил Interfax, citing Ilya Yasinsky, director of the Bank of Russia’s Department of Financial Monitoring and Currency Control.

In his view, due to the high volatility of digital currencies, they cannot be considered by citizens as an investment instrument.

“The main element of any cryptocurrency is absolute or relative anonymity. Anonymous transactions are conducted in order to facilitate some illegal aims. It is with this thesis that the regulator is guided at present, stating that wherever cryptocurrencies are present, at a minimum additional questions should be asked,” Yasinsky said.

He added that, since October 1, 2021, изменения в один из нормативных актов ЦБ РФ take effect, under which operations involving the turnover of digital currencies and digital rights should fall under banks’ heightened attention for possible recognition as suspicious.

“The Bank of Russia’s policy at present is that we take a categorically anti-crypto stance,” Yasinsky concluded.

Earlier the regulator stated that it is skeptical about buying cryptocurrencies as investments and will not facilitate greater access to them for non-qualified investors.

The Bank of Russia began developing a mechanism to block bank payments to Bitcoin exchanges and recommended to block cards and accounts for transactions with crypto exchanges.

Also in plans to legislatively expand the ban on the use of cryptocurrencies, up to the introduction of administrative and criminal liability.

In ForkLog’s commentary, experts suggested that the central bank’s bans would hit bitcoin exchanges and miners.

Experts: Bank of Russia’s announced bans will hit bitcoin exchanges and miners

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