Bank of Russia head Elvira Nabiullina wants a blanket ban on crypto
Elvira Nabiullina, a Russian economist and head of the Central Bank of Russia, remains firm when it comes to the legalization and regulation of cryptocurrencies. The bank believes that there are a number of risks that are associated with cryptocurrencies, and it is better to implement a blanket ban on these blockchain-based assets.
No consensus
As per a report from Bloomberg, a meeting was held on Tuesday, wherein top government officials met to discuss cryptocurrencies and form an opinion on these blockchain-based assets that is agreed by all. As per another report from Cryptonary, the President of Russia, Vladimir Putin, decided not to put a blanket ban on cryptocurrencies and asked the officials to unite and discuss the regulation of these blockchain-based assets. Putin added that he'd like to see "the Government of Russia and the Central Bank to come to some kind of unanimous opinion during the discussion."Elvira Nabiullina, Finance Minister Anton Siluanov, and Deputy Prime Minister Dmitry Grigorenko failed to close a deal and "decided only to formalize their disagreements," the report said. The Finance Ministry and central bank of Russia were supposed to conclude the discussion and prepare a draft of the regulation by Feb 18.
Letter from Bank of Russia head
A letter from the Bank of Russia head was sent out to the Siluanov in which the former wrote that there are numerous risks associated with cryptocurrencies and that it is similar to a pyramid scheme that is not a very sound financial investment. On the other hand, President Putin revealed in his statement that the government wants to regulate cryptocurrencies and bring them out of the shadows to attract investment. The current scenario for crypto regulation in Russia allows these assets to be used for investment purposes but not as a mode of payment.Continue reading by joining Cryptonary Pro
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