Cryptocurrency exchange in Russia will be carried out only through non-cash transactions, according to a high-ranking executive of its monetary authority.

This will strengthen controls over financial flows involving digital assets, the official emphasized while clarifying various aspects of the upcoming regulations.

Russians will not be allowed to sell crypto for paper rubles

Cashing out Bitcoin for banknotes won’t be an option for Russian citizens under their country’s new regulatory framework for cryptocurrencies.

This was made clear by Vladimir Chistyukhin, First Deputy Chairman of the Central Bank of Russia (CBR), who answered questions about the legislation set to be adopted this spring.

In a broad interview for RBC Radio, the…