The First Deputy Chairman of the Bank of Russia announced that the main financial regulator will not allow the mass distribution of cryptocurrencies in the Russian financial system.

At the Eurasian Economic Forum, the official announced that the Central Bank supports the use of digital assets in cross-border settlements as part of foreign economic activity. However, residents of Russia need to be protected from excessive excitement associated with cryptocurrencies.

“Our main condition as a central bank is that the creation of such platforms does not lead to the infection of our financial system with cryptocurrencies and does not create a desire in society to hold such surrogates. We have always been, are and will be against encouraging, somehow generally allowing the use of cryptocurrencies within Russia. But we believe that cryptocurrencies and digital assets can be used in international trade,” Ksenia Yudaeva explained.

The First Deputy Chairman of the Central Bank of the Russian Federation recalled that now the State Duma is considering several bills on the regulation of cryptocurrencies, including mining. It is expected that the Federal Tax Service will regulate cryptocurrencies in Russia.