That Russian Central Bankone of the world’s most skeptical regulators of the cryptocurrency sector, has indicated that it is ready to soften its stance a bit to allow passage of key legislation – however, it remains in favor of blocking all national activity related to cryptocurrencies.
Following several calls from government agencies for cryptocurrencies to be allowed in international trade agreements, the central bank yesterday made its first public concession on this front. The bank has previously called for a crackdown on Chinese-style cryptocurrencies.
According to Kommersant and Vedomosti, the bank’s first vice president, Ksenia Yudaevasaid the central bank did not “in principle oppose” the use of cryptocurrencies in “international transactions” and the use of tokens in “international financial infrastructure”.
Last week, the head of the bank’s fintech department, among other things, Kirill Proninhad warned that any perceived “legalization” of cryptocurrencies could lead to an insidious “cryptoization” of the Russian economy.
Yudaeva also noted:
“The Bank maintains its position that active use of cryptocurrencies in the country, especially in the financial system of Russia, would create significant risks for citizens.”
Kommersant said, however, that the bank has also “softened” its stance on cryptocurrency – an industry it had hoped to ban and has now admitted it could be a source of taxable income.
Kommersant also claimed that according to a “source familiar with the development” of Russian cryptocurrency law, the bank was “pushed” into a compromise by “executive authorities”.
At the beginning of the year, the chairman Vladimir Poutine personally called the bank and it Ministry of Financemore favorable for cryptocurrencies, to find common ground.
However, Anatoly AksakovHead of State Duma Financial Markets Committee (State Duma Committee on Financial Markets), said recently that legislation was still blocked by “hot discussions”, likely between the ministry and the central bank.
Some experts have argued that cryptocurrencies are already a poor choice of financial tools in international settlements, including Aksakov, who argued that America has already preventively “restricted” the cryptocurrency market in an attempt to strengthen penalties.
Be that as it may, the media agree that “judging by Yudaeva’s speech”, the “position” of the bank is getting closer and closer to that of the Ministry of Finance.
The ministry wants to turn cryptocurrency into a form of real estate that can be used in what it calls “international barter” with foreign buyers and sellers as well as providers of “intellectual services”.
An instructor from the Moscow Digital School, Efim Kazantsevbelieves that “the ability of Russian companies to settle their payments with foreign companies has been greatly reduced due to the sanctions, and cryptocurrencies could become an excellent alternative in this situation.”
A legal expert, meanwhile, believed that “as long as cryptocurrency plays a role in circumventing sanctions”, politicians and regulators can continue to look for “regulatory options” – instead of seeking to impose bans. .
Aksakov, meanwhile, seemed to rule out the use of cryptocurrencies in possible attempts to avoid sanctions late last week. Interfax quoted him as saying:
“US intelligence services are suspected of controlling the circulation of cryptocurrencies, and Russian companies and individuals have no desire to come under the invisible or visible eye of these agencies when conducting financial transactions.”
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