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Russian Central Bank doesn’t welcome investments in crypto

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The head of the Central Bank of the Russian Federation, Elvira Nabiullina, at a press conference once again expressed skepticism about cryptocurrencies. Because of the risks for retail investors.

Thus, according to her, crypto assets are “very opaque”, and often used in illegal operations and their price is too volatile. Nabiullina also mentioned the Bank of Russia’s position that cryptocurrency transactions should not be simplified through Russian financial infrastructure. She emphasized that the regulator has the authority to impose limits and reaffirmed the bank’s suspicion of these assets.

“We advocate that the Russian financial infrastructure should not be used for transactions with cryptocurrencies. It is quite possible to implement this,” the governor said.

The central bank’s position is a “complete ban” of all cryptocurrencies

Earlier, the media, citing sources in the Bank of Russia, reported on the regulator’s plans to ban investments in cryptocurrencies.

According to media reports, the Central Bank of the Russian Federation is currently negotiating with market participants and experts about a possible ban. One of the interlocutors of the publication said that if the initiative is adopted; the restrictions will not affect the owners of previously acquired assets.

Another source close to the regulator said that the central bank’s position is a “complete ban” of all cryptocurrencies. The Central Bank said it would voice its attitude to this issue in a special report.

Prohibiting several major banks from providing crypto investing services

Recall that previously, the Bank of Russia has adopted a tough position on cryptocurrencies, prohibiting several major banks from providing cryptocurrency investing services. Such services, according to the authority, do not “meet the interests of investors and bear considerable risks.”

The Russian central bank has maintained its tight stance on the cryptocurrency business. With mutual funds now explicitly prohibited from dealing in cryptocurrencies such as Bitcoin (BTC).

The Bank of Russia released an official notice, limiting mutual investment funds. In order to regulate investment prospects. Stating that they will no longer be eligible to give crypto access to eligible or ineligible users.

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