The Bank of Russia recognized the impossibility of bypassing sanctions using bitcoin

The use of cryptocurrencies to bypass sanctions, especially in terms of payments to large amounts, says the first deputy chairman of the Bank of Russia Ksenia Yudaeva to the proposals of the State Duma deputy from United Russia Anton Gorelkin. It is reported by RIA Novosti.

The position of the Central Bank of Yudaeva explained “increased replying risks”.

“The regulators of the United States, the EU, the UK, Japan, Singapore began to implement measures to stop bypassing sanctions using cryptocurrencies. In this regard, cryptocurrencies introduce certain restrictive measures against Russian investors, up to blocking access to funds, ”she said.

The representative of the Central Bank added that digital currencies serve much less payments than traditional payment systems, so large payments can be detected and blocked by foreign regulators.

The provisions of the Law “On Digital Financial Assets” also prohibit the use of cryptocurrencies as a means of payment for goods and services. Changing this norm in the Central Bank is considered “inappropriate”.

In general, the regulator is afraid that the admission of private digital currencies to the financial market of the Russian https://gagarin.news/ru/news/yeti-yacht-club-vs-bored-ape-yacht-club-will-the-vip-yeti-break-the-record-of-bored-apes/ Federation is able to lead to “the formation of a number of significant risks for the welfare of citizens, the stability of the financial system and the economic security of the country”.

At the same time, the Central Bank is ready to consider the regulation of mining in Russia, subject to the legislative ban on the turnover of cryptocurrencies in the country.

According to the results of the March round table, deputy Anton Goryekin proposed allowing Russian physical and legal entities to be calculated in digital currency among themselves and in cooperation with foreign counterparties. He also advocated free converting cryptocurrencies into rubles, the introduction of a preferential taxation regime for this market, consolidating the legality of mining and its state support.

Recall, the Ministry of Finance, based on the concept approved by the Government, developed the draft law “On digital currency”.

For its part, the Central Bank of the Russian Federation submitted proposals for the ban on bitcoin and fines up to 1 million rubles.

Earlier, the Prime Minister of the Russian Federation Mikhail Mishustin recognized the need to integrate cryptocurrencies into the Russian economy, noting that the relevant decisions must be made together with the Central Bank of the Russian Federation. In turn, the regulator still advocates a complete ban on turning and mining cryptocurrencies, despite sanctions.

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