ST. PETERSBURG, July 02. /ITAR-TASS/. The Central Bank and the government of Russia can work out a regulation on the circulation of electronic currencies in the country, Central Bank First deputy Chairman Georgy Luntkovsky said at the International Banking Congress in St. Petersburg on Wednesday, July 2.

He said different countries employed different ways to regulate the use of the bitcoin: while it has been banned completely in China, it has been legalised in California.

“We advocate a cautious approach to the bitcoin. We are monitoring the situation together with the Bank for International Settlements. We cannot reject this tool. It may as well have a big future,” he said.

“As we gather enough information, we will make our decision on the bitcoin. We are now working with the government to study this issue. We may eventually make a decision on the legislative regulation of this issue,” Luntkovsky said.

The Central Bank earlier warned against the use of virtual currencies. It said in its press release of January 27 that operations with electronic currencies were speculative in nature, were conducted on so-called “virtual exchanges” and carried high risks of losses.