Cryptocurrencies will be used in cross-border or international payments given that they don’t get into Russia’s domestic financial system, the Bank of Russia governor said.
Russia’s central bank governor Elvira Nabiullina is that the latest official to verify that the country is warming to the thought of cryptocurrency payments, but not domestic ones.
According to Nabiullina, cryptocurrencies can be used in cross-border or international payments only if they don’t get into Russia’s domestic financial system.
The digital currency should not be used as payment on platforms inside Russia, the Bank of Russia governor said in an interview with the native agency RBC. that's why cryptocurrency costs are too unstable or volatile, so risky for retail investors, Nabiullina argued, stating:
“Cryptocurrencies should not be traded on organized marketplaces because these assets are too volatile, too risky for potential investors.”
Nabiullina went on to say that digital assets must befits all requirements and policies created to safeguard investors. As such, all assets that ar listed on associate degree exchange should have associate degree emission prospectus and a accountable person moreover as comply with info disclosure needs.
The governor previously called on the government to target encouraging the event of digital asset projects that are being issued by a projects person in April. She contrasted such a vision to private cryptocurrencies like Bitcoin (BTC), that don’t have one accountable party, whereas Bitcoin’s creator has not been known in any respect.
Nabiullina’s latest remarks provide another confirmation that Russia may be getting ready to start using cryptocurrencies for international trade. In May, 1st deputy governor of the Russian central bank Ksenia Yudaeva claimed that the Bank of Russia was open to permitting the use of cryptocurrency for international payments.
In October 2021, Russian President solon declared that it had been “still premature” to use cryptocurrencies for settling trades of energy resources like oil.
( Helen Partz, Cointelegraph, 2022 )