BUENOS AIRES, Mar 21 (PRIME) – The finance ministers and central bank governors of the Group of Twenty (G20) have determined that crypto assets are not currencies and are not reliable for saving, Ksenia Yudayeva, first deputy chairwoman of the Russian central bank, told reporters late on Tuesday.
“It was underlined that crypto assets are not currencies in a general sense and do not carry standard functions of currencies,” Yudayeva said.
“As a means of payment, they are hundreds of times less effective than traditional payment systems and are an unreliable asset from the point of view of maintaining value.”
Many countries of the G20, including Russia, have supported the necessity to elaborate common principles of regulation to avoid regulatory arbitration.
“At present there are no international principles of regulation, and the need of their elaboration is discussed. Russia welcomes the position that this matter requires an international approach,” the official said.
“It should be stressed that regulation should apply to some financial innovations based on new technologies. The technologies themselves have a huge potential from the point of view of improving effectiveness and could be used not only on financial markets. We should contribute to their progress.”
Russia prohibits crypto money in settlements and in the official financial system. “It limits risks for financial stability, and there are no such risks at present,” Yudayeva said.
Russian Deputy Finance Minister Sergei Storchak said crypto assets, including cryptocurrencies, are not a threat for international financial stability.
“At the moment, their share in settlements is tiny, below 1% in terms of global payments. This is why, of course, there are no threats for financial stability,” he said.
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