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Russian central bank head calls for ban on cryptocurrency
(MENAFN) The head of Russia’s central bank, Elvira Nabiullina, has called for a ban on cryptocurrency transactions for settlements within the country. While Russia currently permits crypto mining and limited foreign trade transactions using digital assets, Nabiullina emphasized that cryptocurrencies remain highly volatile and are frequently linked to illicit activities.
Speaking at a press conference on Friday, she reiterated that crypto should not be used as a means of payment. Although Russian President Vladimir Putin has previously acknowledged the potential of digital assets and pushed for their regulation, Nabiullina remains firm in restricting their use.
In August 2024, she announced that the Bank of Russia would conduct its first cross-border crypto transactions by the end of the year as part of an experimental framework. However, she now insists that any use of cryptocurrency outside this special legal regime should be strictly prohibited, with violators facing legal consequences.
Despite her opposition to crypto as a payment method, Nabiullina expressed openness to allowing certain qualified investors to use digital assets as an investment tool. She warned, however, that these investments carry significant risks. She suggested that the experimental framework could help shape future regulations to ensure transparency in the crypto market.
Russia has already taken steps to limit public exposure to cryptocurrency. In August 2024, a law was enacted prohibiting the advertisement of digital assets and banning the promotion of services such as crypto exchanges and wallets. Those who violate the law face administrative penalties.
While cryptocurrency mining was legalized in Russia in 2024, restrictions were imposed in certain regions until 2031 due to concerns over excessive energy consumption. In February, Russian authorities also blocked access to the major crypto exchange aggregator BestChange, further tightening control over the digital currency market.
Speaking at a press conference on Friday, she reiterated that crypto should not be used as a means of payment. Although Russian President Vladimir Putin has previously acknowledged the potential of digital assets and pushed for their regulation, Nabiullina remains firm in restricting their use.
In August 2024, she announced that the Bank of Russia would conduct its first cross-border crypto transactions by the end of the year as part of an experimental framework. However, she now insists that any use of cryptocurrency outside this special legal regime should be strictly prohibited, with violators facing legal consequences.
Despite her opposition to crypto as a payment method, Nabiullina expressed openness to allowing certain qualified investors to use digital assets as an investment tool. She warned, however, that these investments carry significant risks. She suggested that the experimental framework could help shape future regulations to ensure transparency in the crypto market.
Russia has already taken steps to limit public exposure to cryptocurrency. In August 2024, a law was enacted prohibiting the advertisement of digital assets and banning the promotion of services such as crypto exchanges and wallets. Those who violate the law face administrative penalties.
While cryptocurrency mining was legalized in Russia in 2024, restrictions were imposed in certain regions until 2031 due to concerns over excessive energy consumption. In February, Russian authorities also blocked access to the major crypto exchange aggregator BestChange, further tightening control over the digital currency market.
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