The Central Bank of Russia has confirmed that it is not considering investing in cryptocurrencies despite Bitcoin's popularity on the international stage.
Rejection of cryptocurrency investments
Central Bank Governor Elvira Nabiullina stated that the regulator is not looking into acquiring cryptocurrencies for its own reserves. Speaking at a briefing during the International Financial Congress in St. Petersburg, she emphasized that, given the risks and volatility of digital assets, the bank does not regard them as investment options.
Maintaining the ban on cryptocurrency usage
Nabiullina also confirmed that the CBR is opposed to using cryptocurrencies as a means of payment within the country. She pointed out that the ruble remains the only legal tender in Russia. According to her, only 'highly qualified investors' and companies engaged in foreign trade are permitted to access cryptocurrencies. She insisted: 'We continue to be against using cryptocurrencies in payments inside the country.'
Comparison with neighboring countries
CBR's Financial Technologies Department head, Stanislav Korop, noted that the issue of creating a national cryptocurrency reserve is not on the agenda. He also emphasized that many neighboring countries are already taking steps to establish crypto reserves, while Russia is lagging behind. Examples of these countries include Ukraine and Kazakhstan, which have proposed bills to include cryptocurrencies in their reserve assets.
The Central Bank of Russia maintains a cautious approach towards cryptocurrencies, emphasizing the risks and downsides of these assets, especially when compared to initiatives in neighboring countries.
