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At a press conference on Friday, the governor of the Russian Central Bank Elvira Nabiullina further intensified fear, uncertainty and doubt (FUD) about the state of cryptocurrency regulation in the country.When asked about the rise of digital assets, Nabiullina gave the following comments, such as Report Provided by local news media finmarket.ru, translated by Cointelegraph:
“You know our attitude towards cryptocurrencies, to put it mildly, is skeptical. Related to this is the significant risks faced by retail investors and the huge volatility of such assets. In addition, cryptocurrencies are opaque because they are often used. “Because of illegal operations or criminal nature. Therefore, we do not welcome investment in it. We are trying to prevent the use of encrypted transactions in Russia’s financial infrastructure. This is completely feasible. “
Nabiullina’s remarks are in contradictory reports stating The possibility of a total ban A cryptocurrency exchange in Russia. As Cointelegraph recently reported, concerns about cryptocurrencies have even spread to the president’s office. Vladimir Putin issues a warning about digital assets.
related: Russian banks ban mutual funds from investing in Bitcoin
In this case, the countries of the former Soviet Union are still more vulnerable to financial crimes, such as money laundering or tax evasion, than Western countries. This is because the privatization of state-owned enterprises after the collapse of the Soviet Union concentrated power in the hands of individuals who had enough “capital” to purchase shares at the time-mafia, gangs, and black market participants.
Relatively speaking, the anonymity, borderless, instant and lack of supervision nature of encryption will therefore become a greater driving force for criminal activities in the region.Partly to solve this problem, Russia is prioritizing Development of a digital ruble in compliance with regulations As an important competitor of cryptocurrencies developed by the private sector.
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