The Chairman of the Central Bank of the Russian Federation: a unified approach to the regulation of cryptocurrencies will help to avoid unnecessary arbitration

A unified international approach to the regulation of cryptocurrencies will allow you to avoid trying to profit from a difference in regulation between jurisdictions, said the first Deputy Chairman of the CBR Ksenia Yudaeva on the sidelines of a meeting of Finance Ministers and Central Bank G20.

«At present, international regulation does not exist, and discusses the necessity of their development. Russia supports the position that this issue requires an international approach that will avoid regulatory arbitration,» she said.

She noted a lively discussion on scriptactive, which was conducted in the G20 meeting.

«Despite the fact that while this question is not a question of financial stability – although some speakers believed that the situation could change quickly, all acknowledged that it carries other risks: protection of the rights of consumers and investors, tax evasion and laundering the proceeds. So everything made for the continuation of monitoring the situation,» – said the first Deputy Chairman of the Central Bank.

Yudaeva stressed that the G20 representatives do not consider digital money a currency in the conventional sense of the word because they do not possess the standard features of currencies.

«In particular, as a payment instrument, they are hundreds of times less efficient than the traditional payment system and are unreliable asset in terms of conservation value,» she said.

The first Chairman of the Central Bank noted the great potential of the technologies, which are based cryptocurrency and the appropriateness of its use.

«These technologies have great potential from the point of view of efficiency and can be used not only in the financial markets. Therefore, it is necessary to promote their development,» concluded Yudaeva.

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