Central Bank of Russia Is Against Cryptocurrency Exchange


Published on 03 Apr. 2018
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A representative of the Central Bank of Russia stated that the leading financial institution of the country opposes free exchange of cryptocurrencies. As the informational agency RNS reports, Olga Skorobogatova, the deputy chief of the Central Bank, spoke at the meeting of Association of Russian Banks:

We don’t think that cryptocurrency should be allowed into the free exchange, because we see considerable risks in the private cryptocurrencies concerning using them as the means of payment.

The Bank representative also mentioned that they received a sufficient amount of analytical materials and reports from the FATF (an international organization that works out financial instruments to fight money laundering) and special agencies about the frequent use of cryptocurrencies in money laundering and financing of fraudulent schemes because of their anonymity and complex technological mechanism.

Olga Skorobogatova says that her institution pays attention to the experience of other countries, where free cryptocurrency exchange was previously allowed. At the moment, however, these countries are temporarily banning free exchange or move to the strict regulative politics.

Skorobogatova is probably talking about the regulative politics of China that introduced strict limitations to the cryptocurrency business last autumn, and also Japan, where cryptocurrencies are the means of payment in law. However, in G20 Summit Japan called on the coordinated actions concerning cryptocurrencies.

Skorobogatova reminded that the members of Great 20 agreed to work out joint rules and requirement to the cryptocurrency regulation to be protected from the risks connected with them.

She also mentioned:

This is one of the elements of the digital economics, but it absolutely is not the key one, so that we developed business, and financial sector invested into other technologies with the benefits of these technologies. Many other innovative things that we are now approbating really show clear results. 


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