Strike against cryptocurrency by Russia’s Central Bank

Reportedly, Russia’s central bank has strike against cryptocurrency classify regulation as a traditional financial instrument.

Last week, at an event in Sochi, Bank of Russia governor Elvira Nabiullina, says specifically opposes any policy that would deem the technology comparable to foreign currency.

According to Sputnik, Nabiullina said:

“We are categorically opposed to introducing cryptocurrencies in regulation as a monetary asset, an asset used to pay for goods and services, are against equating it with foreign currencies, because … there is foreign currency, there are states that produce it, there are economies and central banks that are behind it”.

Yet another, Bank of Russia, deputy governor Dmitry Skobelkin, also take a hard-line approach when speaking with reports after a meeting with representatives of the Chinese government.

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He adds, “China doesn’t recognize cryptocurrency as payment and forbids ICOs. Our views are absolutely similar. In our view, it’s a sort of a financial pyramid that may collapse at any moment”.

Notably, the Bank of Russia via overseeing monetary policy which doesn’t regulate domestic financial policy or introduces new laws.

Nevertheless, all three groups sustain to deliberate how good to regulate the emerging technology. The cryptocurrency regulation trading is already expecting this year. Accordingly, it could result in specific definition for cryptocurrencies under state law.

Read Next: Russian top Universities offering cryptocurrency courses

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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