Kremlin Spokesman: Russia is Not Ready to Recognize Cryptocurrencies

Russia is not ready to recognize cryptocurrencies, as equating cryptocurrency with money would harm the country’s financial system, as stated by the Press Secretary of the Russian President, Dmitry Peskov, RT reports.

“It is certain that Russia is not ready for such steps. So far there is not the slightest reason to [recognize cryptocurrencies],” Peskov said.

He noted that de facto, equating cryptocurrencies with monetary instruments will bring nothing but harm to the financial and economic system of the country, if “we are talking about full recognition as a means of payment.

Earlier, Russia passed a law regulating digital assets in June 2020, with the Central Bank of Russia (CBR) announcing plans to study the risks of investing in cryptocurrencies. On June 21, the CBR Governor, Elvira Nabiullina, spoke against investing in cryptocurrencies, talking about the crypto assets as the most dangerous economic strategy.

In July of this year, CBR advised domestic stock exchanges not to admit the shares of companies related to cryptocurrencies citing their high volatility, low transparency, and other risks of digital assets. It was emphasized that cryptocurrencies carry increased risks for people who do not have sufficient experience and knowledge in the sphere.

Ru-Main, 08.09.2021 

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