Cryptocurrencies Have the Power to “Infect” russian economy of the country Crypto-skeptic Central Bank has warned.
According to domestic news agency interfaceKsenia Yudeeva, the first deputy chairperson of the bank, made this remark at a recent economic forum.
He claimed that the government and regulators need to ensure that cryptocurrencies remain confined within the scope of economic activities.
But Yudaeva acknowledged that it was “necessary” for Russian companies to “use cryptocurrencies in cross-border settlements.”
However, she insisted that this should be done in a way that “does not spread [of crypto] throughout the Russian financial system.
The First Deputy Speaker said:
“Important [concern] of the Central Bank that such construction [trading networks] does not lead to the infection of our financial system with cryptocurrencies.”
Yudev further said:
“We have always been, are and will be against encouraging and generally allowing the use of cryptocurrencies within Russia. But we believe that cryptocurrencies and digital assets can be used in international trade.”
Yudaeva’s co-first vice president, Vladimir Chistyukhin, acknowledged that crypto already “occupies a certain place” in the international business arena.
But Chistyukhin said cryptocurrency was “unlikely” to become a “panacea” for Russian traders trying to avoid Western-led sanctions.
Russian Central Bank Thinks Crypto Could ‘Infect’ the Economy – Is It Too Late for That?
Anatoly Aksakov, head of the State Duma’s committee on financial markets, said that large Russian companies Already using crypto in business deals,
He claimed that the firms believed they were acting “in the spirit of the law”.
And these firms do not feel they need to wait for formal legal permission to buy and sell using crypto.
Moscow appears to be aware that companies are doing business this way and has either given them its blessing behind closed doors or turned a blind eye.
Meanwhile, another prominent official of the Central Bank noted at the same event that it was important that “Russian businesses do not lose money when making cryptocurrency payments.”
The Bank supports a system that Trading firms use crypto under their supervisionas part of a pilot.
But it seems that many companies do not want to wait for this pilot to be officially launched.
Instead, they trade with international partners with relative impunity.