Bank of Russia sees no place for crypto on the financial market and finished digital ruble prototype-finance

Before presenting her comprehensive perspective on crypto regulations, the central bank of Russia indicated that it sees no space for cryptocurrencies on the country's financial market. The currency authority also announced that the prototype of the platform for its own digital currency has already been completed.

Bank of Russia published report on cryptocurrency

The Russian Central Bank (CBR) is known for maintaining a tough attitude in the question of legalizing cryptocurrencies. The regulatory authority intends to urge rules for the traffic for the traffic of digital assets through law changes, the deputy chairman Vladimir Chistyukhin said in comments with Russian media.

"I think we will solve the problem through changes in the law. There will be a more precise definition of how cryptocurrencies can be traded," Tschistjuchin told reporters in the State Duma, the lower house of parliament.

The official found that Russian citizens and companies have the right to buy and keep cryptocurrency, but not through the country's financial infrastructure and intermediary. He made the remark in response to the question of whether the CBR is pronounced to ban transfers from accounts of Russian citizens to crypto exchanges.

an Working group Your first session in the duma should hold this month, start With a review of a CBR report, the chairman of the parliamentary financial market committee, Anatoly Aksakov, announced in November. Commenting the content of the upcoming report, said Tschistjuchin:

I give you a hint - we see no space for cryptocurrencies on the Russian financial market.

his statement comes according to the sources cited by Reuters specified a ban on Russian crypto bunches. Then, during a press conference on Friday, the chairwoman of CBR, Elvira Nabiullina, confirmed the bank's skepticism of cryptocurrencies and should not be used to facilitate cryptototransactions.

Russia's central bank ready with digital ruble prototype

While the CBR made its attitude towards cryptocurrencies, she worked on the development of a digital currency of the Russian central bank ( CBDC ). The prototype of the digital ruble platform has now been completed, said the first deputy chairman Olga Skorobogatova this week in front of journalists. Quoted from the Interfax news agency, she added that the authority is planning to record pilot operations with the currency after the holidays in January.

A dozen Russian banks will take part in the first of several phases of the tests that will last all year 2022. At the beginning of December, the Bank of Russia said that it would invite credit organizations and conduct consumer-to-consumer business in the first phase. In the second phase, in which transactions between private individuals and companies are tested, the Federal Treasury will join the financial intermediaries.

CBR began to think about a digital version of the Russian ruble three years ago and decided last year to examine the possibility of issuing the CBDC. A consultation paper was published in October 2020, and the regulatory authority collected feedback from actors from the financial sector. In April 2021, the bank published a concept for the digital ruble that outlines its main architecture. In addition to Russian citizens, the bank also plans to open the currency to open the currency and convert into foreign Fiat.

Do you think the Bank of Russia will ban crypto -related transactions about the Russian financial system? Tell us in the comment area below.

lubomir Taskensev

lubomir Taskersev is a technically experienced journalist from Eastern Europe, who likes Hitchens' quote: "To be a writer is what I am and not what I do." In addition to crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

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