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If the proposals of the Bank of Russia to completely ban cryptocurrency transactions in the country are approved, citizens will still have to declare investments in this type of assets for their sale. Elizaveta Danilova, Director of the Financial Stability Department of the Central Bank, said this on the YouTube channel InvestFuture.
According to her, when selling digital currency on a foreign exchange, citizens should remember about reporting to Russian banks.
“Banks will have a question about the legal origin of money, so it is very important to declare such investments. And after that it will be possible to return the funds to the Russian financial system,” Danilova explained.
According to her, the Central Bank hopes for an optimal solution to this issue, but will continue to convince colleagues about the high risks of using cryptocurrencies.
“We may face losses of citizens directly investing in these instruments. This and indirect losses as a result of the fact that the economy will grow more slowly, funds will be withdrawn. This will also affect the rise in prices, and the emergence of difficulties in finding a job, ”she added.
Danilova recalled that the Bank of Russia does not have the right to initiate legislation, but intends to actively coordinate the proposed measures with the government, the State Duma and the Federation Council.
Recall that the Russian authorities are discussing the future fate of cryptocurrencies in the country. The Ministry of Finance recently introduced its own concept of market regulation. A roadmap has also been prepared until the end of 2022, which, in particular, provides for liability for the illegal circulation of digital assets and evasion from declaring information about transactions with them.
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