The Bank of Russia Speaks Out Against Cryptos

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The Central Bank of Russia has turned its attention to cryptocurrencies because they are used by citizens to carry out anonymous deals, Interfax has reported citing Ilya Yasinsky, deputy director of the Department of Financial Supervision and Monetary Control of the Bank of Russia.

According to him, digital currencies cannot be considered by citizens as an investment instrument due to the high volatility associated with them. He said:

“The main element of any cryptocurrency is absolute or relative anonymity. Anonymous calculations are made to mediate some illegal targets. The regulator is currently guided by this thesis, saying that wherever there are cryptocurrencies, at least additional questions should be asked.”

He has added that from October 1, 2021, amendments to one of the regulations of the Central Bank of Russia will come into force, according to which transactions related to the circulation of digital currencies and digital rights should receive the full attention of banks due to their possible use for fraudulent purposes.

The regulator has previously said it is skeptical about the purchase of cryptos as an investment and that it will not help to increase access to them for unqualified investors.