Bank of Russia backs cross-border crypto payments vs. domestic trade

Bank of Russia backs cross-border crypto payments vs. domestic trade


Russia’s central bank governor Elvira Nabiullina is the latest official to confirm that the country is warming to the idea of cryptocurrency payments, but not domestic ones.

According to Nabiullina, cryptocurrencies can be used in cross-border or international payments only if they don’t get into Russia’s domestic financial system.

The digital currency should not be used as payment on platforms inside Russia, the Bank of Russia governor said in an interview with the local news agency RBC. That is why cryptocurrency prices are too unstable or volatile, thus risky for retail investors, Nabiullina agued, stating:

Trending: Thousands Of Flights Cancelled As Pilots Strike Before 4th Of July

“Cryptocurrencies should not be traded on organized marketplaces because these assets are too volatile, too risky for potential investors.”

Nabiullina went on to say that digital assets must comply with all requirements and policies

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend