Save Bitcoin! A Russian governor reviews his crypto policy

Is the war over soon? – Elvira Nabiullina, Governor of the Bank of Russia, admitted that the Russian central bank may have adopted a position a little too hard on digital assets. According to her the land of the tsars should seek to reconsider its positions. She worries that the Bank of Russia does not treat digital asset projects softly enough. Still, it could attract funding and sustain the Russian economy in this time of sanctions.

The Russian State Duma ready to review its positions on Bitcoin

On Thursday, April 21, 2022, the Russian State Duma reappointed Elvira Nabiullina as Governor of the Bank of Russia. It is thus her third term for this post since she began occupying it in 2013. During the Duma’s official session, Elvira Nabiullina spoke about many measures adopted by Russia concerning cryptocurrencies. The government has even considered using them to mitigate the impact of massive Western sanctions on the Russian economy.

As part of the government’s measures to sustain the economy, the Bank of Russia is working to bring the topic of digital financial assets to one “operating mode” decent. Russia had passed its law About digital financial assets “, More than a year ago. However, this did not help the country get new “real projects”. The Russian government is adopting another legal initiative. In fact, the bill In digital currency aims to clarify the rules regarding crypto trading and mining.

In Russia, Bitcoin sets the central bank on fire.

“We need to see if we are too strict here, and we need to facilitate these projects on digital financial assets. It could be another channel to attract funding through digital financial assets.”

Elvira Nabiullina, Governor of the Bank of Russia

Bank of Russia may reconsider its tough stance on the digital asset industry. Elvira Nabiullina stressed that the government should focus on encouraging the development of initiatives of digital assets. At least those issued by a “responsible person”, as opposed to private cryptocurrencies that have no responsible entity.

>> Up to € 200 offered upon registration to get your crypto adventure off to a good start? Swissborg is waiting for you! (linked link) <

Regulation and MNBC for Russia?

Elvira Nabiullina noted that the Bank of Russia continues to discuss with the government. The problems regarding cryptocurrency mining is at the heart of the debate to reach a clear decision. She pointed out that decisions were related to cryptomining was not directly within the jurisdiction of the central bank.

Russia ready to review its positions on Bitcoin and cryptocurrencies.
Bitcoin ready to ease in Russia.

In her testimony, she also spoke about the digital currency of the Russian central bank (MNBC). She claims that the Bank of Russia plans to carry out the first real settlements with the digital ruble already in 2023. According to her, Russia is among the world leaders in terms of MNBC development, after countries such as China.

“We are definitely looking to implement it [le rouble numérique] for international rules ”

Elvira Nabiullina, Governor of the Bank of Russia

Bank of Russia adopted one hostile attitude in terms of Bitcoin and cryptocurrencies in a broad sense. It has the central bank prohibits local banks from offering bitcoin investments. She apparently prevented too the country’s largest bank, Sberbank, to launch its own platform for issuing digital assets.

Bitcoin is always more resilient, more relevant and faster, and inevitably moving forward. To be part of the revolution, prepare for the future when registering on the Swissborg reference platform. Up to € 200 in free cryptocurrencies await you (linked link, in return for a minimum deposit of € 50).

Leave a Comment