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The Central Bank of Russia has reiterated its position on the use of cryptocurrencies in the country, stating that they cannot be used as a means of payment. The regulator emphasizes that digital assets can only be used as an investment or for mining, but not as a means of paying for goods and services. Priority remains given to the digital ruble, which the Central Bank views as a secure alternative to private crypto assets.
Reasons for the Ban
According to the regulator, the ban on the use of cryptocurrencies for payments is necessary to protect the financial system and prevent money laundering. All domestic financial transactions must be conducted exclusively in rubles, and even with the consent of the parties, cryptocurrencies cannot be used for payments.
Dual Market Model
Experts note that this position by the Central Bank reinforces a "dual market model": the state supports the development of mining and the technological base, but does not allow the use of cryptocurrencies in the payment sector. This creates certain restrictions for businesses, which see this as a hindrance to innovation and the development of new technologies.
Financial Sovereignty Policy
Despite criticism from the business community, the Central Bank remains steadfast in its financial sovereignty policy. The regulator continues to insist that control over financial flows and the use of the national currency are priorities for ensuring the country's economic stability.
