Cryptocurrency News

Russian central bank ‘short-sighted’ about crypto, says lawmaker

A member of the Russian State Duma has criticized the central bank’s tough stance on the cryptocurrency industry for ignoring the growing demand for cryptocurrencies in the country.

Fedot Tumusov, a member of the “A Just Russia” party representing the Siberian region of Yakutsk, has criticized the Bank of Russia’s approach to regulating the crypto industry after Tuesday’s plenary meeting. appointment of the State Duma.

In a Telegram post of June 15, Tumusov as outlined The growing need to create an ecosystem that allows Russian residents to buy cryptocurrencies such as bitcoin (B T c) amid rising demand. The officer argued that despite Russia enforcing crypto laws Earlier this year, the Bank of Russia has been negligent in refusing to authorize local banks to offer crypto investment services.

Tumusov said that the central bank’s governor, Elvira Nabiullina, has been openly talking about the bank’s reluctance to deal with decentralized cryptocurrencies, Focusing on a state-controlled digital ruble Instead. “Reluctance or not, this will not change the situation. It is necessary not to struggle with reality, but to adjust to it, responding to the challenges of the times,” Tumusov argued.

MLA famous That many countries around the world offer clear tax laws and policies that allow the industry to flourish. He added that Russia needs ways to deal with crypto that are not just taboos:

“Short-sightedness could be costly for Russia. Cryptocurrencies are reality. Either we will accept it, or we will lose.”

related: Russian bitcoin critic says he would have bought BTC for 100 rubles

Tumusov’s comments on crypto came soon after reports were confirmed that major Russian banks such as private bank Tinkoff have been Unable to offer crypto services Because of the Bank of Russia’s tough stance on digital assets. Meanwhile, state-backed commercial banks such as Sberbank and VTB have criticized the industry at large, claiming that they don’t like bitcoin Because it is very risky.

While Russian banks are hesitant to dive into digital assets, major crypto companies such as Binance have established a presence in the country. According to a June report by crypto intelligence firm Chainalysis, Russia is ranked fifth largest country The United States is followed by China, Japan, and the United Kingdom, in the world according to its estimated realized bitcoin gains in 2020.