CB RF: “cryptocurrencies are not suitable for payments” – Bits Media

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.

In the draft of the main directions of digitalization of the financial market on period 2022-2024 years, published on the website of the Central Bank of the Russian Federation, emphasized:

“Private cryptocurrencies cannot serve as a means of payment due to high volatility, and also 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 attackers".

That's important too, that other countries have not yet recognized cryptocurrencies as legal tender, except for El Salvador. At the same time, regulatory policies towards digital assets vary greatly from state to state., which creates risks of “regulatory arbitrage”. I.e, use of services, associated with 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 a state cryptocurrency.

Recall, that the prototype of the digital ruble being developed in Russia should be tested next year, but, as Elvira Nabiullina emphasized, a full-fledged launch of a national digital currency is possible only if conversion is ensured.