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Russia Central Bank decides about Cryptocurrency
Editorial Team

Elvira Nabiullina, the head of Russia’s Central Bank, rejected the possibility of equating Crypto with foreign currency or regulating them. However, the point is how she justified it in her words. Nabiullina has expressed again against cryptocurrency, calling the recent trend as “crypto mania” and it is at least “dangerous.”

At a forum organized by a group of Russian banks, she insisted on her opinion, and she added that they are categorically against regulating cryptocurrencies as money and equating them with foreign currency. The reason is somewhat simple or even naïve. Nabiullina’s aspect is the following: Foreign currency is understandable, known and the corresponding central banks are supporting it. On the other hand, the phenomenon of crypto currency is less than the acceptable limit understandable. To be fair, Russia’s government has not concluded to a stable attitude towards crypto assets. Ambiguous governmental sources and voices form a fuzzy picture of the situation in the forum.

At any rate, the preceding speaker Anatoly Aksakov, chairman of the organizing banking association, spoke sensibly about the matter.

Aksakov said that the recognition of cryptocurrency should be interwoven with a series of processes such as the definition of it, the trading permittance, the construction of miner’s ledger, etc.  Nabiullina referred to the recent rally of crypto prices as crypto “gold rush,” expressing negatively about.

Russia’s schedule regarding the regulatory plan is coming out at the end of the year, and we are looking for its impact on the society.