The Central Bank of the Russian Federation has allowed restrictions for settlements in cryptocurrencies outside the EAF

The Central Bank of Russia (CBRF) has proposed introducing restrictions on the use of cryptocurrencies for settlements between residents of the country outside the framework of experimental legal regimes (ELR). This was announced by the head of the regulator Elvira Nabiullina at a press conference, emphasizing that digital assets should not act as a means of payment.

The CBRF believes that the use of cryptocurrencies is associated with a high level of volatility, opacity of transactions and significant risks for users. In this regard, the regulator proposed introducing liability for those who violate the new rules.

Nabullina also noted that within the EPR, it will be possible to test the standards for working with cryptocurrencies, providing access only to “qualified” investors. This will allow us to assess possible changes in approaches to investing in digital assets and increase market transparency.

The head of the Bank of Russia added that the experimental regime will help minimize risks, leaving settlements in cryptocurrencies under strict control. Recall that on March 12, the CBRF proposed allowing qualified individuals to trade cryptocurrencies within the framework of a three-year EPR.

In addition, the Central Bank of the Russian Federation cancelled the issue of structured bonds linked to a Bitcoin ETF, which also highlights the regulator’s cautious approach to the cryptocurrency market.