Bank of Russia will curb payments to crypto exchanges and contain impulsive investments in the Russians-regulation
Bank of Russia will curb payments to crypto exchanges and contain impulsive investments in the Russians-regulation
The Russian central bank is now working with commercial banks to delay payments to the exchange of digital assets. The step aims to limit "emotional" cryptocurrency purchases by "unqualified" Russian investors, announced a CBR official. The step will probably affect peer-to-peer and out-of-the-counter trading platforms.
Central bank of Russia skeptically compared to cryptocurrency investments
The Bank of Russia is still skeptical about the acquisition of cryptocurrencies and will not support the increasing access to the cryptoma markets for Russian investors, most of whom are not accredited, said the deputy chairman of the bank, Sergei Shvetsov, cited by the Business News agency Prime. At the international banking forum "Banks of Russia - XXI Century", the high -ranking official explained:
When it comes to buying [Cryptocurrency] for investment purposes, we are skeptical about this idea. We believe that it differs from traditional assets, it is very risky and shows signs of a pyramid system.
Shvetsov confirmed the “clear position” of the central bank that the only means of payment in the Russian Federation of the “Ruble in all its forms and not any kind” is Monetary Surrogate or foreign currencies. " The tax authority is preparing the introduction of a target = "_ blank" htef = "https://news.bitcoin.com/bank-ofrussia-to-digital-digital-protype-by-end-year/" Rel = "noopener"> Digital Rubel Prototype hopes that the cbdc will help Celebration The use of cryptocurrencies in Russia.
During the event in Sochi, Shvetsov said that the Bank of Russia is working with commercial banks to delay payments to cryptocurrency exchanges. The CBR recently Banks are recommended for cards and wallets Transactions with crypto exchangers. The aim is to limit the opportunities for impulsive purchases of crypto-assets, noted the deputy head of the regulatory authority. Cited by Ria Novosti, the banker said:
We start working with the banking system so that it slows down payments in favor of exchange offices and cryptocurrency exchanges and prevents opportunities for emotional purchases of this type of products.
SERGEI Shvetsov found that despite some governments that have taken steps to legalize cryptocurrencies, there are still concerns that this type of currency system could collapse. "There is a high probability that all of this can fall to zero as a high-tech finance pyramid," he warned, adding that there could be hundreds of reasons why this could happen. "From our point of view, this is a large mine field," emphasized the central bank official.
CBR restrictions on violating the rights of the Russians, says legal expert
The comments from Shvetsov have aroused different concerns - those of people who work in the Russian cryptor compartment. The talk about the imposition of restrictions alone sends an extremely negative signal and the consequences could be catastrophic for the country's cryptoma market, said Nikita Zuborev, Senior Analyst at the popular stock market aggregator Bestchange.ru, tells forklog. He also warned:
The most affected segment will be the OTC trade with registration in the Russian Federation-alternating rooms and users of P2P platforms. The miners will also be forced to look for workarounds to keep the farms into operation, the sale of the mines for ruble will be problematic.
According to Andrey Tugarin, Managing Partner at GMT Legal, it would be illegal to limit Bona-Fide transactions for the purchase of cryptocurrencies. "The applicable law 'via digital financial investments' allows every citizen of the Russian Federation to have a digital currency, i.e. Bitcoin, to buy or sell and use it as an investment. And this right applies regardless of whether the buyer is a qualified investor," emphasized Tugarin.
The good news at the moment is that Exmo, a popular cryptocurrency exchange in the region, has not recorded a decline in the deposit volume of Russian users in the past few weeks. In fact, the Russian trades on the platform even increased during the latest market correction, Maria Stankevich, Chief Business Development Officer from Exmo, announced.
Do you think that the Bank of Russia will be able to contain Russian cryptocurrency investments? Share your thoughts on this topic in the comments below.
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