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Cryptocurrencies: Russian Central Bank Presents Hesitant Attitude in Regard to Cryptocurrency

Russian Central bank

The chief of Central Bank in Russia is said to have offered her opinion opposing control that would categorize cryptocurrency as a conventional financial tool.

In the previous week’s remarks at a function in Sochi, governor Elvira Nabiullina from Bank of Russia who earlier worked as the economic adviser to President Vladimir Putin stated that she is particularly opposed to any policy which would consider the technology equal to foreign currency, payment tools or ‘financial assets.’ She did not, however, directly reveal what decision she would support in the end.

Sputnik said that Nabiullina stated the following:

‘We are totally opposed to the presentation of cryptocurrencies in parameter as a financial asset; an asset utilized for paying for products and services, are against likening it to international currencies as foreign currency is available, there are governments that manufacture it, economies exist as well as central banks which are responsible for it.’

On this same day, Dmitry Skobelkin, another Bank of Russia official (Deputy Governor) was also very adamant when talking to reporters following a meeting with Chinese government representatives, said Bloomberg.

‘Cryptocurrency is not acknowledged as payment by China and it prohibits ICOs,’ he stated. ‘Our beliefs are exactly the same. We believe that this is a kind of financial pyramid which can flop any time.’

However, although this draws attention, it is vital to keep in mind that even though the Bank of Russia controls financial policy, it does not control domestic financial policy (this is the work of the Ministry of Finance) or present new regulations (this is the role of the Russian parliament).

Regardless, the remarks have been made at a period when each of the three groups persists in discussing an ideal manner of controlling the developing technology.

Already, cryptocurrency-trading control is anticipated this year. This might lead to a type of particular description for cryptocurrencies under state regulation.

A senior State Duma (national legislature in Russia) official predicted the other day that this work shall be finalized by the time fall ends.

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