Bank of Russia To Permit Digital Asset Investment Through Foreign Entities, As Per Report

Russia continues sending mixed signals to the digital asset bourses as more reports provide details on the nation’s imminent virtual currency regulation.

Soon after Bank of Russia governor Elvira Nabiullina declared the Bank’s objective to avert the local financial system from using virtual currencies, another executive at the central bank elucidated that digital asset investment will remain permissible in Russia.

However, there will be one key condition: Russians will only be able to invest in digital currencies like Bitcoin through foreign entities, deputy governor Vladimir Chistyukhin mentioned, as per a recent report by the state-owned publication TASS.

Chistyukhin purportedly mentioned,

“Russian citizens and businesses have the right to acquire and hold cryptocurrency, but not through the domestic infrastructure or intermediaries.”

The official claimed that the Russian government is working to provide more regulatory lucidity on the digital asset industry, assuring that the regulators will be mulling over legal initiatives regarding the matter.

Chistyukhin mentioned that the central bank of Russia is now preparing an advisory report to describe in detail its vision regarding the role of crypto in the Russian financial system, mentioning,

“I’ll give you a hint. We don’t see a place for cryptocurrency in the Russian financial market.”

As per Blockchain Life’s founder Sergei Khitrov, several digital asset exchanges with Russian roots have disappeared from the nation or just continue operating in an unlawful manner. The nation’s potential plan to permit digital asset investment only through foreign digital asset exchanges does not appear to be unexpected as the nation doesn’t have a single legal Russia-born virtual asset exchange.