Russia (bbabo.net), - The Bank of Russia continues to oppose the legalization of cryptocurrencies. This follows from the statements of the head of the Central Bank of the Russian Federation Elvira Nabiullina at a press conference.
"The argument that the legalization of cryptocurrencies will allow more taxes to be collected, it seems to me, does not take into account the fact that, along with illegal operations, which, indeed, many cryptocurrencies serve quite easily, conditions will arise for tax avoidance in the economy as a whole, this must also be taken into account ", - stressed Nabiullina. She added that the Central Bank had been fighting illegal operations in the financial sector and banks for a long time, withdrawing from the market players who were systematically involved in laundering and cashing out. "A cryptocurrency, by its very nature, will open a new large-scale channel for such operations," Nabiullina believes.
“We will make every effort to convince the government and talk in more detail about our arguments. We see significant risks here. I rely on common sense here, so we don’t have a“ plan B ”for now,” Nabiullina said.
Earlier, the government published the concept of legislative regulation of the circulation of digital currencies. The purpose of regulation, as explained in the press service of the government, is the integration of the mechanism for the circulation of digital currencies into the financial system and ensuring control over cash flows in the circuit of credit organizations. As follows from the concept, the circulation of cryptocurrencies will be regulated by the state with strict obligations for all participants in the professional market and an emphasis on protecting the rights of ordinary investors.
The Bank of Russia, whose report launched a discussion on the future of cryptocurrencies, opposes regulation. Due to the high risks for the financial system and citizens, the Central Bank proposes to ban almost all operations with cryptocurrencies, including mining. According to the Bank of Russia, de facto it is necessary to leave only the possibility of owning cryptocurrencies and buying and selling them on foreign platforms.
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