Bank of Russia sees no room for cryptocurrencies in the Russian financial market

The Bank of Russia intends to regulate by statute the rules governing the circulation of cryptocurrencies, Deputy Chairman Vladimir Chistyukhin said, «ТАСС» reports.

He said the central bank believes that residents of the Russian Federation and business representatives may own and store cryptocurrency, but not through domestic infrastructure or intermediaries.

Chistyukhin stressed that the central bank will present a more detailed position on crypto assets in a separate document in the near future:

\”In this report, our approaches related to the place for cryptocurrency that we see in the Russian financial market will be presented. A hint — we do not see a place for cryptocurrency in the Russian financial market.\”

Earlier reports, citing sources close to the regulator, said the Bank of Russia plans to ban investments in cryptocurrencies due to risks to financial stability. Bank head Elvira Nabiullina emphasized that the central bank does not support investments in such assets.

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