The Central Bank recommended banks minimize participation in the circulation of digital currencies. Transactions with these instruments carry risks for the well-being of citizens, the Bank of Russia noted. Currently, 12 banks are already participating in the digital ruble pilot.
The Bank of Russia considered the active participation of banks in activities related to the circulation of digital currencies as a risk to the well-being of citizens and the possibility of involving them in illegal activities. This is stated in a statement from the Bank of Russia.
The Central Bank recommended that banks minimize their participation in activities related to the circulation of digital currencies and not advertise services for the circulation of such instruments.
“The recommendations do not apply to central bank digital currencies, nor to digital rights issued in accordance with Russian legislation,” the Central Bank noted.
The digital ruble was launched in July 2023. According to current data from the Central Bank, 12 banks are participating in the digital ruble pilot and another 17 organizations plan to join the pilot.
Author:
Kirill Bilyk
Source: RB
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