The Russian central bank has a tight attitude towards encryption


nnLast week, the Russian central bank governor in an event held in Sochi commented that it opposed the classification of encrypted currency as a traditional financial instrument for regulation, but she did not mention that she would eventually support What kind of decision. At the same time, according to Bloomberg News, the Russian central bank vice president in an interview also took a more tough attitude, that the encrypted currency is a possible collapse of the financial pyramid at any time. Russia is expected to regulate encrypted currency transactions by the end of this year, which may lead to a specific definition of the national currency for the encrypted currency.n
nTranslation: Clovern
It is reported that the Russian central bank governor opposed the classification of encrypted currency as a traditional financial instrument for regulation.n
Russian central bank governor Elvira Nabiullina, who previously served as economic adviser to Russian President Vladimir Putin, commented last week at an event in Sochi that she was particularly opposed to any policy saying that the technology could be used in foreign currency, Payment instrument or “monetary asset”, but she did not mention what kind of decision she would ultimately support.n
According to Sputnik, Nabiullina said:n
n”We strongly oppose the regulation of the currency as a monetary asset in custody – the assets used to pay for goods and services, and oppose it to be compared with foreign currency, as foreign currency is manufactured by the state and supported by foreign banks. “n
nAccording to Bloomberg News, Dmitry Skobelkin, another governor of the Russian central bank, after taking a meeting with the Chinese government representatives, also took a tougher attitude when interviewed by reporters.n
He said:n
n”China does not recognize the use of encrypted money as a means of payment and prohibits ICO activities, and our view is similar, and it seems to us that it is a financial pyramid that is likely to collapse at any time.”n
nIt is noteworthy that the Russian central bank, while monitoring monetary policy, did not regulate the domestic fiscal policy (the Ministry of Finance is responsible for the supervision of the work), or the introduction of any new law (by the Russian parliament).n
Nevertheless, at the time these comments were published, the three organizations continued to carefully consider how to most effectively monitor this emerging technology. It is expected that this year’s regulation of encrypted currency transactions may lead to a specific definition of the encrypted currency in national law.n
A senior official of the Russian state legislature Duma has recently predicted that work on this will be completed by the end of this fall.n
Editor’s Note: None of the references in this article are translated into Russian.n

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