Save Bitcoin! A Russian Governor Rethinks His Crypto Policy

Will the war be over soon? – Elvira Nabiullina, governor of the Bank of Russia, admitted that the Russian central bank may be a position a bit too hard on digital assets. According to her, the land of the tsars must try to reconsider its positions† She is concerned that the Bank of Russia is not being gentle enough with digital asset projects. Still, it could attract money and support the Russian economy during this time of sanctions.

Russian Duma Ready To Reconsider Its Positions On Bitcoin

On Thursday, April 21, 2022, the Russian State Duma reappointed Elvira Nabiullina as governor of the Bank of Russia. Thus, this is her third term for this position since she started holding it in 2013. At the official session of the State Duma, Elvira Nabiullina spoke about many measures that Russia has taken regarding crypto assets. 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 raise awareness of the topic of digital financial assets. “operating status” reasonable. Russia had passed its law About digital financial assets “, Over a year ago. However, this did not help the country to find new “real projects”† The Russian government is about to take another legal initiative. In fact, the account On digital currencies aims to clarify the regulations surrounding crypto trading and mining.

The governor of Russia's central bank wants to review bitcoin and cryptocurrency positions.
In Russia, Bitcoin sets the central bank on fire.

“We need to see if we’re being too strict here and we need to facilitate these projects on digital financial assets. It could become another channel to raise funding through digital financial assets. †

Elvira Nabiullina, Governor of the Bank of Russia

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

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Regulations and MNBC for Russia?

Elvira Nabiullina noted that the Bank of Russia continues to talk to the government. The issues related to cryptocurrency mining are at the center of the debate to arrive at a clear decision. She pointed out that crypto mining decisions did not fall directly under jurisdiction from the central bank.

Russia ready to review its stances on Bitcoin and cryptocurrencies.
Bitcoin ready to take off in Russia.

In her testimony, she also talked about the digital currency of the Russian central bank (MNBC† She claims that the Bank of Russia plans to launch the first real settlements with the digital ruble as early as 2023† According to her, Russia is among the world leaders in MNBC development, after countries like China

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

Elvira Nabiullina, Governor of the Bank of Russia

The Bank of Russia has a hostile attitude regarding Bitcoin and cryptocurrencies in a broad sense. The central bank has bans local banks from offering bitcoin investments† Apparently she also appeared the country’s largest bank, Sberbank, launches its own digital asset issuance platform

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