Bank of Russia Rules Out Cryptocurrency Investments, Cites Risks

Bank of Russia Rules Out Cryptocurrency Investments

  • The Bank of Russia will not invest in cryptocurrencies.
  • The central bank sees cryptocurrencies as risky and unstable.
  • Governor Elvira Nabiullina confirmed the stance at a recent briefing.
  • The bank allows limited cryptocurrency use in foreign economic activities and for qualified investors.
  • The central bank is against the use of cryptocurrencies for domestic payments.

The Bank of Russia announced on July 3 in St. Petersburg that it does not plan to invest in cryptocurrencies. The central bank made this statement during a briefing at its Financial Congress, emphasizing its cautious approach due to the volatility of digital assets.

- Advertisement -

Elvira Nabiullina, Governor of the Bank of Russia, addressed reporters on the issue. She made it clear that cryptocurrencies remain off-limits as investment assets for the central bank. The regulator described digital currencies like Bitcoin as highly risky and unpredictable in value.

In her statement, Nabiullina said, “We continue to be against using cryptocurrencies in payments inside the country. That is, ‘yes’ for the foreign economic activity, ‘yes\ for particularly qualified [investors] as a target for investments. Nevertheless, we are against its use as the means of payment.” She also added, “Considering our attitude towards them as risky and volatile assets, we certainly do not consider that we as the Central Bank may invest in that.”

Cryptocurrencies are digital assets that use cryptography for security and are often favored for speculative investment. However, their values can change rapidly, leading some institutions to view them as unstable. The central bank’s policy allows certain qualified investors and businesses using cryptocurrencies in foreign trade, while still restricting their use for domestic purchases and payments.

No additional figures or wider regulatory changes were reported at the event. The central bank continues to monitor the sector but maintains its strict position on limiting cryptocurrencies in Russia’s financial system.

- Advertisement -

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest News

Gate Launches Ethereum-Compatible Layer 2, Revamps GT Token

Gate has introduced Gate Layer, a new Layer 2 blockchain to raise transaction speeds...

FalconX Launches First Forward Rate Contracts for Ethereum Staking

FalconX completed the first forward rate agreements based on the Treehouse Ethereum Staking Rate. The...

Oracle to Operate TikTok US Algorithm as Takeover Deal Nears Completion

A potential agreement is nearing that would move control of TikTok’s U.S. operations to...

Bitcoin Options Expiry Favors Bulls if $112K Holds Amid Uncertainty

About $22.6 billion in Bitcoin options contracts are set to expire on Friday, with...

BitMine Buys $84M in Ethereum, Analysts See ETH Hitting $12K+

Ethereum holds above $4,100 following an $84 million purchase by BitMine Immersion.The company now...
- Advertisement -

Must Read

How To Travel With Bitcoin: 9 Travel Companies Accepting Bitcoin

Bitcoin travel is a reality, as several travel companies now accept payments in cryptocurrencies for their services.Those who have opened a Bitcoin account on...