Bank of Russia supports cross-border cryptocurrency payments compared to domestic trade

The governor of the Central Bank of Russia could use cryptocurrencies for international payments if they do not infiltrate the country's domestic financial system.

Elvira Nabiullina, governor of the Central Bank in Russia, has confirmed that the country is very interested in the idea that cryptocurrencies can be used for payments, however this is not a form of payment in the country.

In an interview with local news agency RBC, she said digital money should not be used to pay on internal platforms in the country. The reason is that cryptocurrencies are not stable, volatile, so it can pose great risks for retail investors.

"It is not recommended to trade cryptocurrencies in the organized market as this is an asset class that is volatile and carries many risks for potential investors." Nabiullina argues.

She went on to argue that there must be requirements and policies created to protect investors and that digital assets, especially cryptocurrencies, must meet and comply with those regulations. Transactions listed on the exchange will have to have a transparent report and the person responsible must comply with the disclosure requirements.

The governor of the Central Bank of Russia has also previously called on the government to focus on encouraging the development of digital projects that are being released in April.

Nabiullina's latest comments provided a confirmation that Russia may soon be preparing to start using cryptocurrencies for international trade. The first deputy governor of the Central Bank of Russia Ksenia Yudaeva stated that the Central Bank of Russia is ready to allow the use of cryptocurrencies for international payments.

However, in October 2021, Russian President Vladimir Putin stated that it was too early to use the currency to settle major transactions.

The Russian government has been trying very hard to prevent Russian people from using cryptocurrencies as bars in the country, while concerns are increasingly directed towards international cryptocurrency payments.

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