Bank of Russia fully supports the development of digital technologies, but sees systemic risks in cryptocurrencies. This was заявила by Elizaveta Danilova, director of the Financial Stability Department of the Bank of Russia, at the RBK conference.
She noted that Russians’ investments in the market for digital currencies are growing, which has regulators’ concerns. Danilova called crypto assets “monetary surrogates”, “which are used for payments in foreign jurisdictions”.
“Blockchain without Bitcoin is a joke.”
Deputy Minister of Digital Development, Communications and Mass Media Alexander Shoytov said there is a need to form a strategic understanding of cryptocurrencies and, in the long run, create a “sovereign system of digital assets, built within our country, that is adequately integrated into the international system”.
Anatoly Aksakov, head of the State Duma Committee on the Financial Market, described himself as a proponent of maximum market regulation.
“If we close off channels for legitimate use of cryptocurrencies, won’t we lose the ability to keep a finger on the pulse of distributed ledger technology?”
The Bank of Russia proposed to ban the issuance, circulation, and exchange of cryptocurrencies, as well as mining on the territory of the Russian Federation.
In the government, the State Duma and security agencies did not back this position. In the Ministry of Finance of the Russian Federation emphasized that the cryptocurrency market should be regulated, not banned, and announced the development of a concept for the industry’s operation in the country.
Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analytics.