The Central Bank said Wednesday that virtual currencies such as Bitcoin could have a future but warned that it could move to regulate their use in Russia.
"One shouldn't reject these instruments, perhaps they really have a future, but in our country the criminal world immediately starts to use everything new," said Georgy Luntovsky, the Central Bank's first deputy chairman.
"Perhaps after a certain time we will make a decision about some legislative regulation of this issue," Luntovsky told journalists at a banking conference in St. Petersburg, adding that the Central Bank and the government were discussing the matter.
The Central Bank had already warned Russians in January that transactions involving Bitcoin were highly speculative and that the unit carried a large risk of losing its value.
Russian prosecutors subsequently issued a statement saying the ruble was the sole official Russian currency and that Bitcoin could be used for illegal activities such as money laundering and financing terrorism.
The Bitcoin community in the U.S., far more developed than the one in Russia, has come under intense scrutiny as authorities crack down on illegal activity carried out using the digital currency.
See also:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.