Maximise your Metaverse potential, giving you daily rewards and a passive income of 0.5% daily I'm going in!

The Russian Central Bank Against Bitcoin!

3 min reading

The Russian Central Bank presented its opinion about cryptocurrencies and, as it turns out, this opinion is not favorable. It comes down to making the ruble the only legal tender of that country.


Russian Central Bank's opinion

As local media reports, on the 29th of November, the Russian Central Bank expressed its opinion about Bitcoin and the opinion is not very flattering. The institution indicated that it would support the ban on using a currency of this kind as a form of transaction, if an appropriate legislative decision is taken. The bank focused on the fact that cryptocurrencies are assets with a very high investment risk. It is difficult to estimate how much a virtual coin might gain or lose when its market is so volatile.

The ruble is the only legal tender in the Russian Federation. We think that cryptocurrencies involve a significant risk. For instance: allowing money laundering, terrorist financing and being exposed to sharp exchange rate fluctuations...

- reports the Russian Central Bank.

According to national regulatory organs, cryptocurrencies cannot be equated with money and cannot constitute a means of payment.


Russia and cryptocurrencies

The legal status of both cryptocurrencies and smart contracts in Russia has not been established yet. It is worth reminding that in 2018 the State Duma received three applications in favor of getting rid of this flaw and creating general regulations in the field of the digital economy. Up till now, only two of the applications have been adopted: amendments to the Civil Code regarding digital rights and the Act on obtaining funds through investment platforms.

Currently, there are no clear regulations regarding mining, or even ICO, though. The entire cryptocurrency industry is shrouded in uncertainty. The authorities of the country are trying to do something about this, of course. For example, in October, the Russian Ministry of Finance considered cryptocurrency classification according to three separate legal categories.

What is interesting is the fact, that in November the Russian Central Bank issued a statement in which it announced its reluctance to "monetary substitutes", noting, however, that it was carefully paying attention to digital currencies. It also added, of course, that it does not support any private coins.

It is also worth mentioning a rather bizarre information that came into light a few months ago and according to which the National Ministry of the Interior is striving to develop a law enabling the confiscation of cryptocurrencies and other virtual assets. Looking at it from a technical point of view, though, it is quite an absurd assumption...

Watch our channel on Telegram

Currency Exchange rate Buy cryptocurrency

Maximise your Metaverse potential,
giving you daily rewards and a passive income of 0.5% daily

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Ommyo.Net ( Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Ommyo.Net c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.