While Russia has taken many important steps regarding the international use of Bitcoin and cryptocurrencies, it opposes their use within the country.
While Russia’s stance on cryptocurrency payments remains complex, new statements have emerged from Elvira Nabiullina, the head of the Central Bank of Russia.
According to local news agency Rbc, Elvira Nabiullina said that Bitcoin (BTC) and cryptocurrency mining could contribute to the strengthening of the ruble.
Nabillina’s remarks come after comments made last week by Anatoly Aksakov, chairman of the Russian State Duma’s Financial Markets Committee.
Aksakov had stated that cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) could never be accepted as money in Russia and could not be used for payments.
Nabiullina, speaking more moderately than Aksakov, stated that Bitcoin mining could be a potential factor contributing to the strengthening of the ruble, but that its impact is difficult to measure because a significant portion of the mining activity takes place in unregulated areas.
He added that crypto mining has become an additional supporting factor in the appreciation of the ruble.
Nabiullina also added that the central bank is in talks with the Ministry of Finance and anti-money laundering authorities regarding cryptocurrency regulation, and that future transactions will likely be conducted through licensed institutions.
*This is not investment advice.
