Russian Central Bank Ready to Make Crypto Regulation Concessions, Hints Governor
Russia’s Central Bank chief Elvira Nabiullina has stated that she is prepared to allow the nation to do business in crypto – as long as it does not enter the Russian financial system and is only used in international settlements. But the country’s finance ministry, which favors legalization and regulation, is hopeful of reaching a compromise with the bank.
Nabiullina is a key ally of president Vladimir Putin and has been widely praised in Russia for her handling of the national economy in the face of international sanctions. But she is also the nation’s most prominent crypto-skeptic. She has called several times for a blanket ban on crypto and a fast-tracked digital ruble rollout.
Although the bank’s position has somewhat softened in recent weeks, with bank chiefs including Ksenia Yudaeva (the bank’s Deputy Governor) claiming that crypto could be used in the international settlements space, Nabiullina’s personal endorsement packs more of a punch.
However, she issued a familiar-sounding warning about the dangers of what she has labeled the potential “cryptoization” of the Russian economy.
Per Kommersant, Nabiullina told reporters at an economic forum held in St. Petersburg:
“Our position is that cryptocurrency should not be used as a means of payment within the country. [...] As for the use [of crypto] in international settlements, if it does not enter into the Russian financial system, then it is possible.”
Speaking at the same event, Ivan Chebeskov, the financial policy department head of the Ministry of Finance, said that the ministry hoped to “reach an agreement with the Central Bank on the regulation of cryptocurrencies.”
Chebeskov also spoke of crypto mining, an industry that the government wants to regulate and tax. He
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