Bitcoin scares central banks. Here’s why
The Bank of Russia insists that the use of cryptocurrencies creates risks for the financial system and the only legal tender in Russia can only be the ruble, as reported RIA News.
The regulator believes that digital currencies facilitate money laundering and other illegal transactions, and can also destabilize the financial system when exchanging during periods of strong exchange rate fluctuations. Therefore, they cannot be equated to fiat or legalized.
The press service also reported that the Central Bank will support the initiative to ban settlements in cryptocurrency at the legislative level, if it is proposed..
So far, two of the package of bills regulating the cryptoindustry and the digital asset market have been adopted, and the third, most important, is still being finalized. However, the business is already ready for tokenization and is tired of waiting for the relevant departments and working groups to come to an agreement, so the RUIE turned to to Vladimir Putin with a request to expedite the adoption of the law on CFA.
text: Ivan Malichenko, photo: Shutterstock