The Russian Central Bank sees in cryptocurrencies extremely high risks of money laundering, obtained by criminal means, and fraud.

The head of the Russian Central Bank is confident that the high volatility of the cryptocurrencies, which she previously called "crypto-something", makes of them so risky asset that there is more harm than possible benefit.

"At the moment, I see more shortcomings in cryptocurrencies, now it's a very volatile asset, perhaps even more volatile than the most volatile financial assets that we know. Therefore, there is a question of protecting consumers and protecting investments," said Elvira Nabiullina, speaking at the headquarters of the International Monetary Fund in Washington.

Nabiullina noted that the Russian Central Bank does not plan to create its own cryptocurrency in the near term.

"I think that the Central Bank's cryptocurrency is a matter of a distant future. It is probably possible, but now it's too early to think seriously about that idea," she said, adding that the Central Bank "is very wary of the phenomenon of cryptocurrency. "

At the same time, according to Nabiullina, the underlying blockchain technology, or "technology of distributed registries, is promising, but it is not mature enough."

Furthermore, she mentioned some benefits of cryptocurrencies, which attract users: "it is fast, cost-effective, allows fast transactions between countries."

Previously, Nabiullina noted that cryptocurrencies can be "widely used for various kinds of questionable transactions," and they are also "highly speculative assets" that "do not provide sufficient protection for the rights of citizens and investors."