Russia has begun to ban the use of Bitcoin and cryptocurrency in international payments, but it still maintains a cautious approach.
At this point, the governor of the Russian Central Bank, Elvira Nabiulina, has issued a new statement on Bitcoin and cryptocurrency at the Central Bank's Russian Financial Conference in St. Petersburg.
Therefore, the head of the Russian Central Bank announced that it is not planning to include Bitcoin or other cryptocurrencies as a reserve asset.
Elvira Nabillina said it has not considered including them in the reserve because of cryptocurrency volatility and risk.
“If we consider our attitudes towards Bitcoin and cryptocurrency as risky and unstable assets, we as a central bank will never consider investing in them, as cryptocurrencies are extremely unstable and risky.
We continue to oppose the use of cryptocurrency in domestic payments. We say yes to foreign economic activity, and yes for qualified investors, especially as an investment goal. In other words, we are not opposed to use in foreign economic activities, particularly in what is considered investment vehicles.
However, we are still against using them as a means of payment. ”
At this point, Russia continues to oppose the use of cryptocurrencies that are not yet properly regulated as a payment instrument within the country, but allows qualified investors to retain cryptocurrencies for investment purposes and access exchange users.
*This is not investment advice.
