Vladimir Chistyukhin, Bank of Russia Deputy Governor, We don’t see any room for cryptocurrency

Vladimir Chistyukhin, Bank of Russia Deputy Governor, suggested that private-run cryptocurrencies might soon be banned from Russia’s financial markets.

According to TASS, Chistyukhin stated that the central bank is currently working on a report that will include proposals for limiting Russia’s use of these currencies.

Russia plans to issue its own digital currency, but Russia has been opposed to private cryptocurrencies for many years. They could be used to launder money or finance terrorism. It has intensified its campaign recently.

“I’ll give a hint: We don’t see room for cryptocurrency in the Russian financial markets,” Chistyukhin, quoted by TASS, said.

Reuters reported last week that sources claimed the central bank is concerned about financial stability due to the increasing number of cryptocurrency transactions. They advocate a “complete rejection”, sending bitcoin plummeting. read more

Elvira Nabinullina, governor of the central bank, stated that her bank could not accept investments in cryptocurrency. The Russians use cryptocurrencies in approximately $5 billion worth of transactions annually.

The Bank of Russia previously stated that Russia needs to adjust cryptocurrency regulation. This is a reference to India and China.

China increased its crackdown against cryptocurrency in September with a blanket ban of all crypto transactions and “mining”, which hit bitcoin and other major coins, and pressured crypto and blockchain-related stocks.

The Bank of Russia is now aiming to follow the global trend and create its own digital currency in order to modernise financial systems, accelerate payments, and combat any threats from other cryptocurrencies.

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