russian The Central Bank has warned that citizens should stay away from crypto as “risks” increase due to “sanctions from unfriendly countries”. And this has followed another call for a complete ban on tokens such as bitcoin (btc),
TASS, via Finversia, quoted the bank as making its claim in its latest Financial Stability Report. Bank wrote:
“Currently, the risk of cryptocurrencies to investors and the Russian economy is increasing due to pressure related to sanctions from unfriendly countries. [Central Bank] Advocates for banning cryptocurrencies in the regulated financial system. The widespread use of cryptocurrencies is associated with significant threats to the welfare of citizens, monetary circulation and financial stability.
The bank said that crypto has inherent “risks” related to money laundering and terrorism financing.
But while the Central Bank anti-crypto stance As has been clear for some time, other government organs have taken a far more progressive approach to the matter. This has forced the bank to soften its stance somewhat.
Can Sanctions Really Force Central Banks to Change Crypto Stance?
Tass said the Deputy Finance Minister, Aleksey Moiseev, claimed that the Ministry of Finance and the Central Bank agreed that “under the current circumstances,” it would not be possible for Russia to “do without cross-border settlements” held ” in cryptocurrency.”
The Central Bank has confirmed that it has “discussions” with the ministry in this regard. But it also took the opportunity to “emphasize” the fact that it “opposes the legalization of crypto exchanges, brokers and settlements organized in cryptocurrencies within Russia.”
The media outlet concluded that the long debate over the legal status of crypto in Russia has “taken a new turn” following the imposition of “tougher sanctions on Russia in 2022”. It added that the sanctions have severely disrupted the international payments sector.
However, politicians’ hopes of regulating the crypto sector before the end of the year appear to be dead in the water. regardless, Some are still holding out hope that industrial crypto mining could be legalized in the coming weeks,
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