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Bank of Russia may get back to cryptocurrency as means of payment in the future

May 26, 13:00 UTC+3 ST. PETERSBURG

According to the regulator’s First Deputy Chairman Olga Skorobogatova, the technology itself and cases based on it have shown their relevance

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© Sergei Bobylev/TASS

ST. PETERSBURG, May 26. /TASS/. Russia’s Central Bank still sticks to a conservative view regarding cryptocurrencies regulation, though it does not rule out it will be revised in the future, the regulator’s First Deputy Chairman Olga Skorobogatova said on the sidelines of the St. Petersburg International Economic Forum on Saturday.

"So far the issue of using cryptocurrencies as a means of payment is not on the table, as risks are still high. However, this does not mean that we will not return to the issue after a while when we realize that the technology itself and cases based on it have shown their relevance, and will not make any amendments," she explained.

Chairman of Russia’s Central Bank Elvira Nabiullina has repeatedly stressed that the stance of the regulator in relation to cryptocurrencies is unchanged, as it does not support their legalization as a legitimate payment facility, but sees the prospects for the blockchain technology. She also said that cryptocurrencies would not be admitted to the Russian market being ‘quasi-money’.

Russian President Vladimir Putin said in October 2017, that the use of cryptocurrencies carries serious risks, being an opportunity for laundering criminal capitals, evading taxes and financing terrorism, for spreading fraudulent schemes, where citizens may become victims. However, he called for taking the advantages provided by new technology solutions in the banking sector.

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