Bank of Russia skeptical on crypto legalization

Bank of Russia skeptical on crypto legalization


The Bank of Russia is skeptical about the prospects for legalizing crypto transactions in Russia, said Vladimir Chistyukhin, First Deputy Governor of the Central Bank. In his opinion, the financial market in this segment should be developed through the digital ruble.

"We believe that our financial market should develop primarily through the development of the digital ruble," the official said. "Regarding other cryptocurrencies, we have a lot of skepticism – we see a huge number of risks that consumers may face."

The Bank of Russia is of opposite opinion with the Ministry of Finance, which advocates crypto regulation, but not their ban in the country. However, two agencies support the legalization of cross-border payments in crypto.

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