PANews reported on April 6 that according to Cryptonews, Elvira Nabiullina, Governor of the Central Bank of Russia, reiterated in her speech at the State Duma on April 3 that the use of cryptocurrencies in the domestic economy should be restricted, and advocated for stricter penalties for violations of the ban. Nabiullina is an important ally of Russian President Vladimir Putin, and she currently leads the Russian Central Bank's sovereign digital currency (digital ruble) project. She pointed out that although the central bank supports exploring the cross-border application of crypto assets under a specific "regulatory sandbox" framework, it firmly opposes its infiltration into the country's monetary system and settlement activities.
Russia has banned payments in cryptocurrencies since 2020, but enforcement is currently lax and there is a lack of a clear legal framework for related transactions. Nabiullina called for increased legal liability for payments made using cryptocurrencies in Russia, saying: "Our position has not changed. We cannot allow cryptocurrencies to penetrate domestic currency circulation and domestic settlements. We suggest simultaneously seeking investment opportunities in cryptocurrencies and increasing liability for the use of cryptocurrencies in domestic settlements."
Nabiullina also supports allowing "high net worth qualified investors" to invest in crypto assets in the "sandbox" and proposed that some derivative investment rights could be extended to ordinary qualified investors. She stressed that retail investors should be protected from the risks of the highly volatile crypto market.
In addition, after Nabiullina's speech, Anatoly Aksakov, chairman of the State Duma's Financial Markets Committee, pointed out that Moscow is still divided on the issue of cryptocurrency regulation. The Duma is divided on crypto regulation, with some deputies supporting restrictions and others showing strong interest.
