Shufti Evening of Trust - Join the Executive Circle for Conversations That Matter.

Shufti Evening of Trust - Join the Executive Circle for Conversations That Matter.

Request Invitation

us

2a03:2880:f800:1c::

Russian Central Bank Still Saying “No to Use of Crypto in Settlements”

russian

Russia’s Central Bank has put another wrench in the pro-business Ministry of Finance’s efforts to adopt cryptocurrencies by announcing that it continues to resist the use of coins in settlement scenarios.

Only three days after starting public discussions on various methods to adopt blockchain technology into its financial sector, the Russian Central Bank (CBR) has again shown that their minds have already been made up with regard to cryptocurrencies: “Nyet,”.

“Regarding crypto, we are in favor of the development of digital financial assets, and the digitalization of finance,” CBR Governor Elvira Nabiullina stated. But digital financial assets are not limited to crypto, to private cryptocurrencies. We have not changed our position that private cryptocurrencies – for which it is not clear who is responsible, or how responsible, which are opaque and carry high risks of volatility – should not be used in settlements.”

In a report, which is meant to serve as the basis for consultations, the CBR distinguished between ‘good’ Digital Financial Assets (DFAs) as well as ‘bad’ cryptocurrencies.

The report is very clear about not taking cryptocurrencies and unsafe stablecoins into account. “The Bank of Russia supports the further development of digital technologies and private innovation projects, including those using distributed ledger technologies,” they write. “At the same time, the use of innovative technologies to create digital assets should not create uncontrollable risks for consumers of financial services, financial stability, cybersecurity, and also lead to violations of [Anti-Money Laundering/Combating the Financing of Terrorism] requirements.”

The CBR has indeed told it plans to launch the online ruble in 2024, and it seems that it’s CBDC will become the only virtual currency that is accepted by the law at that time.

Suggested Read: Cryptocurrencies marked as top AML and CFT Priority by FinCEN

Related Posts

News

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Explore More

News

California enacts law requiring age input on devices and app stores from 2027

California enacts law requiring age input on devices and app stores from 2027

Explore More

News

Google to Block Access to Adult Apps for Under-18s in Singapore

Google to Block Access to Adult Apps for Under-18s in Singapore

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Explore More

News

California enacts law requiring age input on devices and app stores from 2027

California enacts law requiring age input on devices and app stores from 2027

Explore More

News

Google to Block Access to Adult Apps for Under-18s in Singapore

Google to Block Access to Adult Apps for Under-18s in Singapore

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started

Shufti Evening of Trust (SET)

Where Trust Meets Innovation and the Future is Built Together

Date & Time:

23rd October 2025 | 7:00 PM

Location:

Blake Room, The Ivy Soho Brasserie, London

RSVP Now

Exclusive Event—Register Today

close-icon