The Central Bank of Russia does not see the possibility of using private cryptocurrencies as a means of payment. This is due to the high volatility of assets and the risk of their criminal use.
The draft of the main directions of digitalization of the financial market for the period 2022-2024, published on the website of the Central Bank of the Russian Federation, emphasizes:
“Private cryptocurrencies cannot perform the function of a means of payment due to high volatility, and have not received recognition from global regulators due to the emerging risks of their use in money laundering schemes. In addition, these assets are unsafe due to the increased interest in them on the part of intruders. ”
It is also important that so far other countries have not recognized cryptocurrencies as legal tender, with the exception of El Salvador. At the same time, the regulatory policy in relation to digital assets differs greatly from state to state, which creates the risks of “regulatory arbitration”. That is, the use of services related to cryptocurrencies in another jurisdiction.
The document notes that in most developed countries there is a tendency to tighten regulation of digital assets. At the same time, as a “response to the needs of the population”, regulators are exploring the possibility of issuing state cryptocurrency.
Recall that the prototype of the digital ruble being developed in Russia should be tested as early as next year, but, as Elvira Nabiullina emphasized, a full-fledged launch of the national digital currency is possible only if conversion is ensured.
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