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Central Bank not considering cryptocurrencies as payment unit on Russian territory

"Investing is possible, though the issue of the ability of investors to adequately assess the risks assumed arises," Olga Polyakova said, adding that investment in cryptocurrencies might carry substantial risks

YEKATERINBURG, February 15. /TASS/. Russia’s Central Bank still does not consider cryptocurrencies as a payment unit on the country’s territory and sees risks of investing in such assets, the regulator’s Deputy Governor Olga Polyakova told a forum.

"First of all, I would like to outline an unambiguous position of the Bank of Russia that we have repeatedly stated. We do not consider cryptocurrencies as a payment unit on the territory of the Russian Federation. Investing is possible, though the issue of the ability of investors to adequately assess the risks assumed arises," she said, adding that investment in cryptocurrencies might carry substantial risks.

The Bank of Russia said earlier this month that it detected more than 5,700 pyramid schemes and illegal financial service providers in 2023, adding that almost all pyramid schemes and illegal brokers offered investments in internal tokens or accepted cryptocurrency contributions.

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