The governor of the Russian central bank has proposed banning cryptocurrencies from participating in domestic settlements

On April 6, Elvira Nabiullina, the governor of the Russian Central Bank, in a speech to the State Duma on April 3, re-emphasized the need to limit the use of cryptocurrencies in the domestic economy and advocated stricter penalties for violations of the ban. Nabiullina is an important ally of Russian President Vladimir Putin and currently leads the Central Bank of Russia's sovereign digital currency (digital ruble) project. She pointed out that while the central bank supports the exploration of cross-border applications of cryptoassets within the framework of a specific "regulatory sandbox", it firmly opposes its penetration into the domestic monetary system and settlement activities.