Bank of Russia speaks out against cryptocurrencies
The rector of the Russian economy assured that digital assets should not have legitimacy within the national territory
The main Russian financial entity, Bank Of Russia (BoR) assured that the issuance and trade with cryptocurrencies should not have legitimacy within the region.
Alexey Guznov, head of the legal department, stressed that although the institution welcomes the future of digital assets, it is too early for them to become part of the daily life of commercial activities.
“We believe that there are great risks in legalizing operations with cryptocurrencies, especially from the perspective of financial stability, the prevention of money laundering and consumer protection,” said Guznov.
Despite the fact that local lawmakers advance on regulatory frameworks applicable to cryptocurrency trading within the nation, the Bank of Russia still maintains a stance against these assets seeing commercial opportunities within the nation.
At the beginning of last year, the President of Russia, Vladimir Putin, asked legislators and regulators to work in a legal framework applicable to cryptocurrencies, which he called for speed to precisely provide more guidelines to those interested in trading with these assets locally.