Russia, which has enormous potential in the crypto money industry, appears to be doing everything it can to avoid it, as is to be expected.
CBR, Russia’s central bank, is working on a new system, according to reported information. Stating that the system in question will aim to delay fiat payments to cryptocurrency exchanges, the sources claimed that this is actually a step to avoid emotional payments.
Payment to cryptocurrency exchanges will be delayed
Speaking at the Sochi summit, a CBR official stated that the goal is to avoid payments made with emotional, that is, sudden enthusiasm towards the crypto money sector, and thus avoid mistakes that may occur. The central bank, which actually wants to reduce errors in the crypto money sector by avoiding emotional payments from unskilled investors, stated the following on the matter:
We are currently working with the banking system to slow down payments, which favors cryptocurrency exchanges and cryptocurrency businesses, allowing for emotional purchases of such products. “
The central bank emphasizes that it made this decision after investments in leading cryptocurrencies such as Dogecoin, Ethereum and Bitcoin and subsequent complaints.
Although cryptocurrencies have officially reached mainstream adoption, the central bank still doubts its legitimacy and may consider it a scam.
Central bank official Sergei Shvetsov said last week that investing in cryptocurrencies is risky.