Russia Clarifies Stance On Crypto Payments, Bill Soon?

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.

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.

Anvesh reports major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach out at anvesh (at) coingape.com

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