The Russian Central Bank prefers cryptocurrency for international trade rather than personal use

By    8 Jun,2022

Although Russia does not want its citizens to invest in digital assets, its central bank is running out of options for foreign trade and payments.


Russia’s central bank, according to a top bank official, is open to adopting cryptocurrency for foreign payments. On May 31, First Deputy Governor of the Central Bank Ksenia Yudaeva stated, “In principle, we do not oppose to the usage of cryptocurrencies in foreign transactions.”

However, it, like most central banks, does not let its citizens to invest in, trade in, or use cryptocurrencies as payment methods because it sees them as a danger to its financial system.

Decentralized digital assets are often disliked by central banks because they diminish their amount of control over the country’s finances. Furthermore, they may compete with any central bank digital currency (CBDC) schemes that are in the works. Again, it comes down to control, as a CBDC will give banks far greater sway over what people can and cannot do with their own money.

We can use cryptocurrency, but you can’t.

Ksenia Yudaeva mentioned user risk as a reason for the government’s stance on cryptocurrency for its residents.




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