Russian Central Bank Prepared to Make Some Concessions on Crypto Regulation
Russia’s staunchly crypto-skeptic Central Bank has indicated that it is prepared to soften its stance on crypto somewhat in order to allow a key piece of legislation to pass – but still favors a block on all domestic crypto-related activity.
Following multiple calls from government organs for crypto to be authorized in international trade deals, the Central Bank made its first public concession on this front yesterday. The bank had previously called for a China-style crypto crackdown.
Per Kommersant and Vedomosti, the bank’s First Deputy Chair Ksenia Yudaeva, said that the Central Bank “in principle” did not “object to the use of cryptocurrencies” in “international transactions” and the use of tokens within the “international financial infrastructure.”
Only last week, the bank’s financial technologies department chief Kirill Pronin had warned that any perceived “legalization” of crypto could lead to a creeping “cryptoization” of the Russian economy.
Yudaeva also remarked:
“The bank maintains its position that the active use of cryptocurrencies within the country, especially in the financial system of Russia, would create great risks and risks for citizens. We believe that in Russia, these risks can be quite big.”
However, Kommersant reported that the bank has also “softened” its position on crypto mining – an industry it had hoped to ban, but has now apparently conceded could be a source of taxable income.
Kommersant further claimed that, per an unnamed “source close to the development” of Russia’s crypto legislation, the bank has been “pushed” into a compromise by “executive authorities.”
Earlier this year, President Vladimir Putin personally called on the bank and the more pro-crypto Ministry of Finance to reconcile their
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