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Russian central bank chief: crypto ban is "very feasible"


 

In a press conference yesterday, Friday, the head of the Russian central bank Elvira Nabiullina rekindled fears about strict crypto regulation in Russia. As reported by Finmarket.ru , Nabiullina said:


“Our stance on cryptocurrencies is skeptical to say the least. Because they are associated with significant risks for private investors and considerable volatility. In addition, cryptocurrencies are in a gray area because they are often used as a tool for illegal business. Because of this, we reject crypto investments. We want to protect the Russian financial system from becoming dependent on crypto transactions, and that is very feasible. "

Nabiullina's remarks come just a day after contradicting media reports emerged from Russia about the planned crypto regulation in the new year. As Cointelegraph had reported , even President Vladimir Putin is now warning of cryptocurrencies and their risks.


This concern is possibly justified, because the former Soviet states are far more susceptible to financial crime such as money laundering or tax evasion than Western European countries. This fact is due in turn to the fact that after the collapse of the Soviet Union, many state-owned companies passed into the hands of a few private individuals. A powerful elite, some of which also include very dodgy business people.


The anonymous, limitless and unregulated nature of cryptocurrencies may therefore be an interesting tool for the criminal structures in the country. In order to combat this problem, the Russian government is not only planning appropriate regulation, but also wants to promote the introduction of its own central bank digital currency (CBDC), the digital ruble .

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