Russian Central Bank: might return to cryptocurrency payments sometime in the future 10064
Chaitanya Thammaya
May 28, 2018 at 6:50 PM

The Russian central bank’s conservative view on cryptocurrencies regulation is well known. But in a new development an executive at the bank said it does not rule out revising it in the future. Olga Skorobogatova, the First Deputy Chairman of the regulator said this at the St. Petersburg International Economic Forum on Saturday.

Sources report that she said the technology itself and cases based on it have shown their relevance. She further added,

"So far the issue of using cryptocurrencies as a means of payment is not on the table, as risks are still high. However, this does not mean that we will not return to the issue after a while when we realize that the technology itself and cases based on it have shown their relevance, and will not make any amendments."

Elvira Nabiullina the Chairman of Bank of Russia has repeatedly stressed that the regulator’s stance in relation to cryptocurrencies remains unchanged. He adds that the bank doesn’t support cryptocurrencies’ to be legalized as a legitimate method of payment. But, he says that Blockchain technology’s prospects can be looked into. She added further that cryptocurrencies being ‘quasi-money’, would not be allowed into the Russian market.

In October 2017, Russian President Vladimir Putin spoke about cryptocurrencies’ risks. He announced that using and trading with cryptocurrencies carry serious risks. He added that that they provided opportunities for laundering criminal capitals, tax evasion and funding terrorism and spreading fraudulent schemes. All of which could lead to the citizens becoming victims. However, he had positive views on Blockchain technology. He said the banking sector should look into the advantages provided by the new technology solutions.

BC Focus recently reported that Russia’s governing body, Duma will be evaluating a set of laws implemented to supervise the crypto industry. While cryptocurrencies are bogged down by regulations, several Russian banks are looking into Blockchain technology and ICOs.

Image via Shutterstock

Join our telegram group.