According to ChainCatcher, citing Cryptonews, Russian Central Bank Governor Elvira Nabiullina emphasized the need to restrict cryptocurrency use in the domestic economy during her speech at the State Duma on April 3, advocating for stricter penalties for those who violate the ban. Nabiullina, a key ally of Russian President Putin, currently leads the Russian Central Bank's sovereign digital currency (digital ruble) project. She noted that while the central bank supports exploring cross-border applications of crypto assets within specific "regulatory sandboxes", it firmly opposes their penetration into the national monetary system and settlement activities.
Russia has banned cryptocurrency payments since 2020, but current enforcement remains lenient, with a lack of clear legal framework. Nabiullina called for increased legal responsibility for cryptocurrency payment usage within Russia, stating: "Our position has not changed. We cannot allow cryptocurrencies to penetrate domestic monetary circulation and domestic settlements. We suggest simultaneously seeking cryptocurrency investment opportunities and increasing responsibility for using cryptocurrencies in domestic settlements." Nabiullina also supports allowing "high-net-worth qualified investors" to invest in crypto assets within the "sandbox" and proposed discussing the expansion of certain derivative investment permissions to ordinary qualified investors. She emphasized the need to protect retail investors from the high volatility risks of the crypto market.
Additionally, after Nabiullina's speech, Anatoly Aksakov, chairman of the State Duma's Financial Markets Committee, pointed out that Moscow still has disagreements on cryptocurrency regulation. There are significant internal divisions within the Duma regarding crypto regulation, with some lawmakers supporting restrictions while others show keen interest.
