Russian Central Bank renews push for nationwide crypto ban

Russian Central Bank Governor Elvira Nabiullina has once again urged the government to enforce a nationwide cryptocurrency ban, preventing residents from trading digital assets within the country.

Speaking at a press conference, she proposed prohibiting crypto settlements outside the experimental legal regime (ELR), a Central Bank-controlled regulatory sandbox.

The ELR currently allows selected businesses to use cryptocurrencies for transactions and provides a controlled framework for miners to sell their holdings internationally.

While the bank has suggested that qualified investors could trade within the sandbox, Nabiullina remains strongly opposed to broader crypto use. She reiterated calls for strict regulations, including criminal penalties for violations, to ensure crypto remains excluded from the mainstream economy.

Despite her firm stance, other Russian financial authorities appear more open to digital assets. The Ministry of Finance recently proposed a category of ‘super-qualified’ investors who could legally trade crypto.

Industry leaders, including Alexander Shokhin of the Russian Union of Industrialists and Entrepreneurs, argue that Russia should reconsider its position, particularly in light of global developments such as the US accumulating Bitcoin and Ethereum reserves.

Nabiullina, however, remains steadfast, dismissing any possibility of integrating crypto into the Central Bank’s reserves. While the debate over digital assets continues in Moscow, the Central Bank remains committed to shielding retail investors from a highly risky market.

For more information on these topics, visit diplomacy.edu.