Fun

Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Spread of Cryptocurrencies

News Feed - 2021-11-21 05:11:52

Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Spread of Cryptocurrencies


Cryptocurrencies are anonymous and the government shouldn’t encourage their spread, the head of Bank of Russia has insisted. The regulator remains firmly opposed to the legalization of bitcoin and the like as a means of payment in the Russian Federation. Bank of Russia Reiterates Negative Stance on Cryptocurrencies, Legalization of Bitcoin


A “responsible state” should not stimulate the proliferation of cryptocurrencies, according to Elvira Nabiullina, chair of the Central Bank of Russia (CBR). The head of the monetary authority made the declaration in the lower house of the Russian parliament, the State Duma.


The high-ranking official emphasized that the bank has “an extremely negative attitude towards cryptocurrencies” which she described as “private currencies pretending to be money.” Quoted by the Tass news agency, Nabiullina elaborated: These cryptocurrencies are anonymous, no one is accountable for them, and, in our opinion, a responsible state should not stimulate their spread and squeeze them out of payments.


At the same time, people need to be given an alternative, the governor acknowledged. Bank of Russia is trying to do that through its projects. “I have already spoken about the digital ruble – in our opinion, this should develop,” Elvira Nabiullina added.



The head of Russia’s monetary policy regulator remarked that the CBR is not against digital currencies in general, provided they are not used for “shadow operations.” Nabiullina pointed out, however, that Bank of Russia continues to oppose the legalization of bitcoin as a payment instrument in the country.


In response to the rising popularity of cryptocurrencies and the significant increase in electronic payments, the Russian central bank has stepped up its efforts to create a digital version of the national fiat, the ruble. This year, the regulator formed a digital ruble pilot group with over a dozen financial institutions. A prototype of the CBDC platform will be launched in December, with trials scheduled to commence in January.


The digital ruble is what the Russians need as it will facilitate cheap and reliable non-cash payments, Nabiullina recently told participants in an international banking forum. According to the country’s latest financial market development strategy, the state-issued digital currency should prevent citizens from using ‘money surrogates,’ a term used by officials in Moscow to describe cryptocurrencies. Tags in this story Bank of Russia, Bitcoin, Bitcoin Payments, CBR, Central Bank, Chair, Crypto, crypto payments, Cryptocurrencies, Cryptocurrency, Digital Currencies, Digital Currency, digital ruble, Elvira Nabiullina, Government, Governor, head, legalization, means of payment, Nabiullina, payment instrument, Regulation, Russia, russian, State


Do you think Russia will ever legalize bitcoin as a means of payment? Share your expectations in the comments section below. Alabama Securities Regulator Shuts Down 97 Fraudulent Cryptocurrency Trading Websites REGULATION | 2 mins ago 10 Congress Members Ask Nancy Pelosi to Help Revise Crypto Provision in Infrastructure Law REGULATION | 6 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous article‘Inflation in the News Driven by Rich People’ — Media Pundits Claim ‘Inflation Is Good’ as Americans Struggle With Less Purchasing Power Next articleAlabama Securities Regulator Shuts Down 97 Fraudulent Cryptocurrency Trading Websites Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRussian Nationalists Prepare Bill to Regulate Cryptocurrency Mining


Lawmakers from the Liberal Democratic Party of Russia are gearing up to introduce a draft law designed to regulate crypto mining. The nationalists say the legislation will benefit both Russian citizens and the state, as well as those who want ... read more.Terra to Burn $4.5 Billion Worth of LUNA From Community Pool Finiko Fugitives Suspected of Moving 750 BTC From Crypto Pyramid’s Wallet SEC Rejects Vaneck Bitcoin Spot Market ETF Over Price Manipulation Concerns Indonesia"s Islamic Authority Declares Cryptocurrency Haram, Forbidden for Muslims

News Feed

Binance Says Indian Crypto Exchange Wazirx Can No Longer Use Its Wallet Services
Binance Says Indian Crypto Exchange Wazirx Can No Longer Use Its Wallet Services Binance has announced that Indian crypto exchange Wazirx can no longer use Binance wallet services.
Bank of England Predicts Worst Economic Crash in 300 Years for UK
Bank of England Predicts Worst Economic Crash in 300 Years for UKThe Bank of England has predicted the worst economic crash since the Great Frost of 1709. Economists are less optimi
Is Dogecoin Massively Undervalued? Analyst Says ‘Now Is The Time’
Este artículo también está disponible en español. A newly released video analysis by crypto commentator asif.eth (@asifeth) makes the case that Dogecoin is currently trad
Bitcoin still lacks $60K support as BTC price nears $100M liquidity zone
William Suberg10 hours agoBitcoin still lacks $60K support as BTC price nears $100M liquidity zoneBitcoin traders are upping the stakes amid a tightly rangebound few days for BTC price action.5585 Total views3 Total shar
Economist Peter Schiff Expects Worse Financial Crisis Than 2008 — Says ‘Future Rate Hikes Are Now Pointless’
Economist Peter Schiff Expects Worse Financial Crisis Than 2008 — Says "Future Rate Hikes Are Now Pointless" Economist Peter Schiff has warned that the current financial crisis w
Unity CEO Predicts Websites Will Mutate to Metaverse Destinations Before 2030
Unity CEO Predicts Websites Will Mutate to Metaverse Destinations Before 2030 John Riccitiello, CEO of Unity, one of the leading real-time 3D engine providers, has predicted that t
Bit.com’s Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch
Bit.com"s Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch At the end of January, the Matrixport subsidiary and leading derivatives exchange
Sotheby’s Cancels Cryptopunks NFT Auction After Consignor ‘Decided to Hodl’ Collectibles
Sotheby’s Cancels Cryptopunks NFT Auction After Consignor "Decided to Hodl" Collectibles On February 8, the multinational luxury auction company Sotheby’s announced the fi
Bankrupt Crypto Exchange FTX Exploring Sales of Subsidiaries, CEO Reveals
Bankrupt Crypto Exchange FTX Exploring Sales of Subsidiaries, CEO Reveals Bankrupt cryptocurrency exchange FTX is exploring sales, recapitalizations, and other strategic transactio
3.5 Million+ Crypto Wallets Downloaded in July, Active Users up 110% in the Year
3.5 Million+ Crypto Wallets Downloaded in July, Active Users up 110% in the YearA record 3.5 million crypto wallet app downloads were recorded in July 2020, representing an increase
Bitcoin volatility hits 20-month high, traders hedge against further slump
Ciaran Lyons5 hours agoBitcoin volatility hits 20-month high, traders hedge against further slumpBitcoin’s volatility index reached its highest level in 20 months, but traders are unsure if there will be more pain ahea
Riot seeks three Bitfarms board members, says it holds 14.9% stake
Turner Wright8 hours agoRiot seeks three Bitfarms board members, says it holds 14.9% stakeThe mining firm said it intended to replace Bitfarms board members — including its interim CEO — with three people “complete