The Bank of Russia views cryptocurrencies as speculative assets that cannot completely replace traditional “fiat” currencies. DEA News With reference to Ksenia Yudaeva, First Deputy Chairman of the Central Bank of the Russian Federation.
He noted that this also applies to so-called “stablecoins” pegged to “fiat” currencies.
“There was once talk of the emergence of global stablecoins… but regulators have stopped that process. Therefore, such currencies are far from competing with fiat currencies and are used in principle in illegal or semi-legal areas. “Cryptocurrencies themselves are used as a kind of speculative asset, nothing more,” Yudaeva said at the Eurasian Economic Forum.
He also criticized the idea of using cryptocurrencies for international payments, primarily due to the underdeveloped financial services system. Moreover, Yudina noted that cryptocurrencies are subject to volatility as they are not backed by anything.
Previously at the Central Bank declarationThe digital ruble will not replace cash in circulation.