of Russia The central bank has warned citizens to stay away from cryptocurrencies as the “risks” have increased due to “sanctions from unfriendly countries.” And it continues with yet another call for a blanket ban on tokens such as: Bitcoin (BTC).
Via TASS finbarcia, cited the bank as claiming in its latest financial stability report. Banks wrote:
“Currently, sanctions-related pressure from unfriendly countries has increased cryptocurrency risks to investors and the Russian economy. [Central Bank] We advocate banning cryptocurrencies in the regulated financial system. The widespread use of cryptocurrencies is associated with serious threats to public welfare, currency circulation, and financial stability. ”
The bank added that cryptocurrencies have inherent money laundering and “risks” related to terrorist financing.
However, central bank anti-crypto stance has been evident for some time, but other government agencies are taking a more progressive approach to the issue. This has forced banks to relax their stance somewhat.
Can Sanctions Actually Force Central Banks to Change Crypto Stances?
TASS reports that Deputy Finance Minister Alexei Moiseev has agreed that the Ministry of Finance and the Central Bank “in the present circumstances” make it “impossible” for Russia to “do without” a cross-border settlement. He added that he had claimed to have done so. Implemented “in cryptocurrency”.
The central bank confirmed that it had “consulted” with the ministry along these lines. However, I also had the opportunity to “emphasize” the fact that I am “opposed to the legalization of cryptocurrency exchanges, brokers and settlements conducted in cryptocurrencies in Russia”.
The news outlet concluded that the lengthy debate over the legal status of crypto in Russia has “taken a new turn” after the introduction of “strict sanctions against Russia in 2022.” It added that the sanctions had seriously disrupted the international payments sector.
But politicians’ hopes of regulating the crypto sector by the end of the year appear dead in the water. Some hope industrial crypto mining will be legalized in the coming weeks.