The Russian monetary authorities seem to be giving a ‘hint’ that they do not welcome the investment of crypto assets for Russian citizens. This was stated by the Governor of the Central Bank of Russia (CBR), Elvira Nabiullina in one of the online press conferences. In general, he emphasized on two aspects, namely high price volatility and the potential use of crypto in criminal activities.
The CBR governor also noted the Bank of Russia’s stance that Russia’s financial infrastructure should not be used to facilitate cryptocurrency asset transactions. He stressed that regulators are capable of enforcing sanctions and stressed their skepticism of crypto assets.
Based on the report, the governor of the Russian central bank described:
"Cryptocurrencies carry significant risks for retail investors due to high volatility and use in money laundering activities, therefore as a precaution we do not welcome investments in such assets."
Nabiullina’s statement came after media reports revealed that Russian authorities are currently in talks to choose between two very different approaches to controlling crypto assets and related activities. Although the CBR is working to ban the purchase of crypto, the Duma, which is a Russian state, is developing rules for the mining and exchange of crypto assets. This is if it is welcomed then there is a probability that the CBR to comply with this.
On the other hand, earlier this week there were reports that CBR policymakers were in talks with market players about a possible ban on the acquisition of crypto assets by Russian investors in the future. One of them revealed that the central bank can take an ‘extreme’ approach which is the complete rejection of crypto assets.
Industry experts have warned that such a move would put pressure on investors and prevent the country from collecting taxes. At the same time, However, according to the head of the Financial Markets Committee of parliament, Anatoly Aksakov, lawmakers are also considering the legalization of crypto trading that will allow profit and related income taxes.
For example, so far there has been pressure from superiors that to curb the investment of crypto assets and at the same time alternative measures such as to regulate are also being considered.
