The Governor Of Russian Central Bank Thinks That The Bank Needs To Ease Up Digital Asset Projects.
Elvira Nabiullina is concerned that the Bank of Russia is not treating digital asset projects with enough kindness in order to attract finance and keep the economy afloat.
The governor of the Bank of Russia, Elvira Nabiullina, has stated that the country’s central bank may have taken a bit too hard a stance on digital assets and that this should be reconsidered.
The State Duma reappointed Nabiullina as governor of the Bank of Russia on Thursday, marking the third time she has held the job since she first started her position in 2013.
Nabiullina discussed a number of actions that the country has taken or plans to take to assist the government in mitigating the impact of severe Western sanctions on the economy at an official Duma session.
The Central Bank is attempting to bring the topic of digital financial assets to a “working state” as part of the government’s efforts to keep the economy strong, according to Nabiullina.
She underlined that Russia’s crypto-related law, “On Digital Financial Assets,” was passed more than a year ago, but it hasn’t aided the country in attracting many “real projects.” The bill “On Digital Currency,” which aims to clarify legislation around crypto trade and mining, is expected to be passed by the Russian government.
Nabiullina hinted that the Central Bank would soften its stance on the digital asset market, saying:
“We need to see if we are too tight here and we need to ease up these projects on digital financial assets. This can become another channel for attracting funding through digital financial assets.”
In contrast to private cryptocurrencies, which do not have a responsible party, Nabiullina underlined that the government should focus on fostering the growth of digital asset initiatives that have a “responsible person” issuing them.
She stated that the Bank of Russia is working to consult with the government on crypto mining matters in order to achieve a comprehensive decision. She went on to say that the central bank has no direct authority over crypto mining decisions.
Nabiullina also mentioned Russia’s central bank digital currency (CBDC) in her statement, indicating that the Bank of Russia plans to execute the first genuine settlements with the digital ruble in 2023. She said:
“We are certainly looking to implement it [the digital ruble] for international settlements,”
The Bank of Russia has a negative attitude toward Bitcoin (BTC) and the broader digital asset market. Not only has the central bank forbidden local banks from offering Bitcoin investments, but it also appears that the country’s largest bank, Sberbank, is being prevented from creating its own digital asset issuance platform.
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