According to TASS news agency, the Bank of Russia has plans to introduce legislation to monitor and control the digital assets’ circulation in the nation rather than place a ban on it.

Vladimir Chistyukhin, the deputy chairman of the central bank, revealed that cryptocurrencies operating privately might be phased out of the financial systems of the country.

When asked if the Central Bank is in support of prohibiting financial transfers from the bank accounts of Russian citizens to crypto exchanges, the regulator said:

“I think we will solve the issue through changes in legislation. There will be a more accurate definition of how cryptocurrencies can apply”

Chistyukhin also said that citizens and businesses in Russia may purchase and store crypto. However, they can’t do this through domestic intermediaries or infrastructure.

The Bank of Russia is working on a paper, which will state its vision for the role of crypto in the country’s financial sector. The deputy chairman of the Central Bank concluded:

“I think we will publish a report on cryptocurrencies in the near future. This report will contain our approaches to the place for cryptocurrency we see in the Russian financial market. I give a hint – we do not see a place for cryptocurrency in the Russian financial market.”

Elvira Nabiullina, the head of the regulator, mentioned that the Bank of Russia sees that the financial infrastructure in Russia shouldn’t be utilized for crypto transactions.

Two financial market sources revealed that the rising volume of crypto transactions threatens financial stability. This has led the bank to consider prohibiting crypto investments in the nation.

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