Cryptocurrencies do not threaten the monetary system of Russia yet, but the Central Bank is against their legalization as a means of payments, said the Chairman of the Bank of Russia Elvira Nabiullina in the State Duma, answering the deputy’s question.
“The volume of cryptocurrency in the world is not so large – 20 large cryptocurrencies amount to about $ 250 billion. The scale is not very significant yet and does not threaten our monetary system. But our position is unequivocal: we are against the legalization of cryptocurrency as a means of payment, ”the head of the Central Bank of the Russian Federation emphasized.
She noted the volatility of cryptocurrency prices and the high risks associated with them, as well as the fact that these assets are used for money laundering.
However, the Central Bank sees potential in the blockchain technology itself. According to the head of the Central Bank, Bitcoin and other cryptocurrencies began to develop rapidly as a means of instant payments.
“People want fast payments, so we are developing a Fast Payment System (SBP). That is absolutely legal transparent ways to meet the needs of bona fide financial market participants. This is our task , ”concluded Nabiullina.
The Central Bank of Russia, consistently with the cryptocurrency boom of 2017, speaks out against legalizing cryptocurrencies as a payment instrument, although it does not deny that the position may change in the future.
Earlier, the Bank of Russia said it was ready to study the use of gold-linked cryptocurrency for international payments.
Publication date 01/06/2019
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