Russia: the central bank ready to make concessions in the regulation of the crypto sector

The Russian Central Bankone of the world’s most skeptical regulators of the crypto sector, has indicated that it is ready to soften its stance somewhat to allow passage of key legislation – however, it remains in favor of a blocking of all national activity related to cryptocurrencies.

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After multiple calls from government bodies for cryptocurrencies to be allowed in international trade agreements, the Central Bank yesterday made its first public concession on this front. The bank previously called for a Chinese-style cryptocurrency crackdown.

According Kommersant and Vedomosti, the first vice-president of the bank, Ksenia Yudaevasaid the Central Bank does not “oppose in principle” the use of cryptocurrencies in “international transactions” and the use of tokens in “international financial infrastructure”.

Last week, the head of the bank’s fintech department, Kirill Proninhad warned that any perceived “legalization” of cryptocurrencies could lead to a creeping “cryptoization” of the Russian economy.

Yudaeva also remarked:

“The bank maintains its position that the active use of cryptocurrencies in the country, especially in the financial system of Russia, would create significant risks for citizens.”

However, Kommersant said the bank has also “softened” its stance on crypto mining – an industry it had hoped to ban, and has now conceded it could be a source of taxable income.

Kommersant also claimed that, according to a “source familiar with the development” of Russian cryptocurrency legislation, the bank was “pushed” into a compromise by “executive authorities.”

At the start of the year, the President Vladimir Poutine personally called the bank and the Ministry of Financemore favorable to cryptocurrencies, to find common ground.

However, Anatoly Aksakovhead of State Duma’s Financial Markets Committee (the State Duma’s Committee on Financial Markets), recently said the legislation was still blocked by “hot discussions”, likely between the ministry and the central bank.

Some pundits have argued that cryptocurrencies are already a poor choice of financial tools in the sphere of international settlements, including Aksakov, who claimed that America has already preemptively “restricted” the crypto market in an effort to strengthen punishments.

Be that as it may, the media agree that “judging by Yudaeva’s speech”, the “position” of the bank “is getting closer and closer” to that of the Ministry of Finance.

The ministry wants to make cryptocurrency a form of property that can be used in what it calls “international barter transactions” with foreign buyers and sellers, as well as providers of “intellectual services.”

An instructor from the Moscow Digital School, Efim Kazantsevbelieves that “the ability of Russian companies to settle their payments with foreign companies has been greatly reduced due to the sanctions, and cryptocurrencies can become an excellent alternative in this situation.”

A legal expert, meanwhile, opined that “as long as cryptocurrency plays a role in circumventing sanctions”, politicians and regulators could continue to look for “options for regulation” – rather than seeking to impose bans. .

Aksakov, meanwhile, appeared to rule out the use of cryptocurrencies in possible sanctions avoidance attempts late last week. Interfax cited him as having declared :

“US intelligence services are suspected of controlling the circulation of cryptocurrencies, and Russian companies and individuals have no desire to come under the invisible or visible eye of these agencies when carrying out financial transactions.”

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Russia: the central bank ready to make concessions in the regulation of the crypto sector


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