When asked about the rise in digital assets, Nabiullina made the following observations, local news outlet finmarket.ru reported in a note.
"You already know that our attitude towards cryptocurrencies is, to put it subtly, skepticism. Added to this are the significant risks for retail investors and the considerable volatility of these types of assets. Furthermore, cryptocurrencies are opaque in the sense that they are frequently used for illegal or criminal operations.
Therefore, we cannot welcome investments in them. We intend to prevent the Russian financial infrastructure from using crypto transactions. This is quite feasible. "
Nabiullina's remarks came a day after conflicting news pointed to the possibility of a blanket ban on cryptocurrency exchanges in Russia. As Cointelegraph recently reported, concerns about cryptocurrencies have even reached the presidential office, with Vladimir Putin issuing a warning about digital assets.
In this context, the countries of the former Soviet Union remain much more susceptible to committing financial crimes such as money laundering or tax evasion than their Western counterparts. This is because the privatization of state-owned companies following the breakup of the USSR concentrated power in the hands of individuals who owned enough "capital" to buy shares at the time: mafias, gangs, and black market participants.
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