Market

Central Bank of Russia not ready for Bitcoin Futures ETF

Central Bank of Russia (CBR) not ready enables the trading of ETFs based on Bitcoin futures, according to President Elvira Nabiullina. She commented on whether Russia’s monetary regulator will follow in the footsteps of the US Securities and Exchange Commission and list Bitcoin ETFs in the country.

The first ETF, the Proshares Bitcoin Strategy ETF, debuted on the New York Stock Exchange (NYSE) on Tuesday, October 19, and hit a total volume of approximately $ 1 billion prior to closing. Shortly thereafter, Valkyrie’s Bitcoin Strategy ETF was listed on the Nasdaq, while VanEck’s fund will start trading next week.

Nabiullina’s statement is in line with CBR’s longstanding conservative stance on decentralized digital currencies and crypto-based investment products. In July, the bank advised Russian exchanges to avoid trading financial instruments tied to crypto assets. Their listing “increases the risk of loss for those who do not have sufficient experience and knowledge,” the authorities warned.

The regulator’s recommendations also emphasize that asset managers should not include cryptocurrencies in mutual funds. The CBR also urged brokers and trustees not to provide “derivatives with such underlying assets to unqualified investors”. Russian lawmakers are considering imposing legal restrictions on crypto investments.

The Digital Financial Assets Act, which came into effect earlier this year, partially regulates cryptocurrencies, but officials have indicated that additional laws are needed to ensure comprehensive regulation of the crypto space in Russia. The CBR has spoken out against the legalization of the circulation of Bitcoin and the like and regards cryptocurrencies as a prohibited substitute for money.

The bank’s stance was recently criticized by Russian billionaire Oleg Deripaska, who accused the CBR of overlooking the burgeoning cryptocurrency market and calling it “childish”. In July, he commented that even El Salvador recognized the need to legalize bitcoin. Deripaska also stressed that the Central Bank of Russia should have launched the digital ruble two years ago, calling the mission more important than Gagarin’s space exploration in 1961.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Newsbitcoin

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

16 minutes ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

22 minutes ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

47 minutes ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

2 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

4 hours ago

This website uses cookies.