Bank of Russia Supports the Possible Cryptocurrency Payment Ban

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The private crypto-assets cannot be corresponded with fiat currency and cannot be a legitimate tender—this was the answer of the central bank of Russia when it was asked about its opinion regarding cryptocurrency by RIA, a state-operated news agency.

 

Moreover, the banking authority also noted that if the ban on cryptocurrency-based payments at a legislative level is permitted, then the decision is an appropriate thing to consider.

 

According to RIA, the State Duma has already received the legislation which elucidates the legality of digital currencies, including token sales as well as mining. However, the State Duma or the lower house of the Federal Assembly of Russia has seen delays regarding the legislation passed through them.

 

Furthermore, the news agency also emphasized that out of the three planned bills, two were passed in 2018—the first one is regarding digital rights while the other is deals with covering crowdfunding.

 

The Bank of Russia showed support to the potential ban of cryptocurrency, saying that it believes the fact that cryptocurrency carries major risks, including the concealing of proceeds from crimes and financing of terrorism, and carrying out exchange transactions due to severe fluctuations of exchange rates.

 

Elvira Nabiullina, the chairperson of the institution, said that the bank does not see any solid reason to launch a national digital currency that can supersede the possible risk.

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