After a recent statement on allowing cryptocurrency’s use for international payments, Russia gave much needed clarification on the plans. Recent reports suggested that Russia would not allow crypto payments within its territory. In this context, the head of Russia’s central bank, and other authorities made latest comments on various matters including Russia crypto bill.
Russia Against Crypto Penetration
On Thursday, Elvira Nabiullina, the head of Bank of Russia, stated that the country could allow crypto payments under certain conditions. She said crypto payments could be allowed if the crypto ecosystem does not affect the country’s economy.
According to Russia’s RBC portal, Nabiullina said cryptocurrencies can be used in international payments if they do not penetrate the Russian financial system. The central bank head said crypto assets are subject to high price fluctuations.
“Cryptocurrency should not be traded on organized marketplaces because this asset is too volatile, too risky for potential investors.”
She stated that investor protection is of high importance when dealing with these assets. Digital assets must comply with all requirements created to protect the investors, she reportedly said.
Trending Stories
Compliance To Protect Investors
Russia’s central bank authorities are looking to enforce compliance with information disclosure requirements in the crypto space. Also, assets stored in crypto exchanges should have an emission prospectus and a responsible person.
Last month, Bank of Russia’s first deputy chairman Ksenia Yudaeva indicated provisions for allowing cryptocurrency settlements. At the time, she said the regulatory bodies are not against crypto’s use in settlements. However, risks associated with using digital assets have also been highlighted in the interest of investors.
Also, in an interesting development, Anatoly Aksakov, head of the Duma committee on the financial market, gave a hint on the crypto bill’s timeline. The long anticipated Russia crypto bill could be submitted in September 2022, he revealed. Anatoly however warned that the country’s authorities are planning to make string regulations for the crypto space.
- Just In: Robinhood Lists Chainlink (LINK); Price Up By 5%
- Just In: USDC Parent Inks Major Pact With New York Bank
- Here’s Why Dogecoin (DOGE), Shiba Inu (SHIB) Prices Tumbled
- This Is Why Ethereum (ETH) Recovered Sharply From Below $1K
- Top Binance Exec To Keep Buying Bitcoin, But There’s A Catch
- Expert Sees Fed Reversing Interest Rate Hikes, How Will It Affect Crypto?
- New Bullish Cycle Likely After Bitcoin Reaches This Level, Stats Show
- Cardano (ADA) Sees Big Drop In Interest, But Is Likely Primed For A Rally
- Digital Asset Investment Products Saw Net Outflows of USD 423 Million Last Week, Sell on Rise?
- Bitcoin (BTC) Closes Below 200-WMA for the Third Consecutive Week, Time to Be Cautious?
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
