14 Sep 2022 10:57

CBR remains 'very skeptical' about private cryptocurrency

MOSCOW. Sept 14 (Interfax) - The position of the Central Bank of Russia (CBR) regarding the prospects of legalization of settlements in private digital currencies remains negative.

First Deputy CBR Governor Vladimir Chistyukhin, speaking at an online lesson titled "How the financial market works", reminded the audience that now in the country "there is a big discussion about the legalization of private digital money", but the Central Bank is "very skeptical" on this issue because of the level of risks.

According to the Central Bank, the financial market should develop in this segment with the help of digital ruble tools.

The discussion mentioned by Chistyukhin unfolded actively last year, and after the imposition of harsh sanctions against Russia in early 2022, it received new impetus: in particular, the use of digital currencies in international trade is being actively discussed. This topic, for example, was raised at the recent strategic session on the development of the financial system chaired by Mikhail Mishustin, at the end of which the prime minister instructed ministries and the Central Bank to "develop a coordinated position on draft federal bills regulating the issue, organization of issue and circulation of digital currency in Russia in terms of regulation of mining and the use of digital currencies in international settlements" by the end of the year.