The country’s central bank is “short-sighted” to not consider crypto as a means to fight inflation, a lawmaker said on Friday, according to a report.
The Russian parliament’s upper house has urged the nation’s central bank to become more open to cryptocurrencies, following a recent ban on their use. The statement came from the Senate’s economic committee chairman Vladimir Dzhabarov. “We consider that any ban on cryptocurrencies is a shortsighted measure that will only damage the development of the blockchain industry in Russia,” it said.
The Russian Central Bank has been critical of Bitcoin and other cryptocurrencies, but one of its members, Dmitry Skobelkin, has told people to stop worrying about cryptocurrencies and start looking at the real problems in the financial system.
A deputy of the Russian State Duma has condemned the central bank’s strict stance on the cryptocurrency sector, saying it does not take into account the growing demand for cryptocurrencies in the country. Fedot Tumusov, a member of the Just Russia party representing the Siberian region of Yakutsk, criticized the Bank of Russia’s approach to regulating the cryptocurrency industry after a plenary session of the State Duma on Tuesday. In a telegraphic message dated 15. In June, Tumusov pointed to the growing need for an ecosystem that allows Russian residents to buy cryptocurrencies such as Bitcoin (BTC), given the rising demand. The official said that despite the adoption of laws on cryptocurrencies in Russia earlier this year, the Bank of Russia has been negligent by refusing to allow local banks to offer investment services in cryptocurrencies. According to Tumusov, the governor of the central bank, Elvira Nabiullina, has openly stated that the bank does not want to deal with decentralized cryptocurrencies and will focus on the state-controlled digital ruble. Whether they like it or not will make no difference. We should not resist reality, but adapt to it and face the challenges of the times, Tumusov said. The lawmaker noted that many countries around the world have clear tax laws and policies that allow the industry to grow. According to him, Russia needs methods of dealing with cryptocurrencies that are not limited to banned : Short-sightedness can cost Russia dear. Cryptocurrencies are a reality. You either accept it or you lose. Related: A Russian bitcoin critic said he would buy BTC for 100 rubles. Tumusov’s comments on cryptocurrencies came shortly after reports were confirmed that major Russian banks, such as private bank Tinkoff, cannot offer cryptocurrency services due to the Bank of Russia’s firm stance on digital assets. At the same time, state-backed commercial banks such as Sberbank and VTB have been very critical of the sector, saying they don’t like bitcoin because it’s too risky. While Russian banks are reluctant to dive into digital assets, large cryptocurrency companies like Binance have set up shop in the country. According to a report published in June by analysis firm Chainalysis, Russia ranks fifth in the world in terms of estimated bitcoin sales in 2020, after the US, China, Japan and the UK.A Russian lawmaker has asserted that the central bank has been “short-sighted” in its treatment of cryptocurrencies, arguing that the country should instead embrace the emerging technology as a means of increasing economic development.. Read more about is cryptocurrency legal and let us know what you think.
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