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Use of cryptocurrency as investment tool in Russia carries risks — regulator

"If the law is passed, the experimental legal regime will only be available for using crypto assets to support foreign economic activity," Deputy Governor of the Bank of Russia Alexey Zabotkin stressed

MOSCOW, December 16. /TASS/. The use of cryptocurrency as an investment instrument in the Russian market poses risks, as it will expand its application as a means of payment, Deputy Governor of the Bank of Russia Alexey Zabotkin said on Friday at a press conference following a meeting of the board of directors of the regulator.

"If you allow cryptocurrencies to be used as an investment instrument within the country, it will unavoidably become more extensively used as a form of payment as its ownership expands. It would be impossible to counteract this. Therefore, if the law is passed, the experimental legal regime will only be available for using crypto assets to support foreign economic activity," he said.

Chairman of the State Duma Committee on the financial market Anatoly Aksakov said earlier that cryptocurrency will appear in Russia next year as a legal commodity, but it will not be possible to use it as a means of payment for transactions within the country. He noted that cryptocurrency will be used to pay for parallel imports and deliveries of goods to Russia. Aksakov said he hopes that the law will be adopted either this year or in January 2023.