Cbank opposes crypto assets services provided by financial firms

MOSCOW, Dec 6 (PRIME) -- The services related to crypto assets of the Russian financial institutions do not meet the interests of stock market investors and are very risky, the central bank said late on December 3 in a statement.

The regulator does not support the market’s idea of expanding the issuance of Russian financial tools in a foreign currency.

The central bank opposes the use of cryptocurrencies for settlements in the country because they are not secured by the government. The law bans companies and the people from using any digital currency for the payment of goods and services, but they can be owned as digital financial assets.

The volume of Russians’ transactions with digital currencies amounts to about U.S. $5 billion annually, or 350 billion rubles.

(73.7426 rubles – U.S. $1)

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