{"id":275001,"date":"2021-06-15T14:03:35","date_gmt":"2021-06-15T11:03:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/russian-central-bank-short-sighted-regarding-crypto-lawmaker-says\/"},"modified":"2021-06-15T14:03:35","modified_gmt":"2021-06-15T11:03:35","slug":"russian-central-bank-short-sighted-regarding-crypto-lawmaker-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/russian-central-bank-short-sighted-regarding-crypto-lawmaker-says\/","title":{"rendered":"# Russian central bank \u2018short-sighted\u2019 regarding crypto, lawmaker says"},"content":{"rendered":"

“# Russian central bank \u2018short-sighted\u2019 regarding crypto, lawmaker says <\/strong>”
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A Russian State Duma member has blasted the central bank\u2019s tough stance on the cryptocurrency industry for ignoring the growing demand for crypto in the country.<\/p>\n

Fedot Tumusov, a member of the \u201cA Just Russia\u201d party representing the Siberian region of Yakutsk, has criticized the Bank of Russia\u2019s app<\/a>roach to regulating the crypto industry following a Tuesday plenary meeting<\/a> of the State Duma.<\/p>\n

In a June 15 Telegram post, Tumusov outlined<\/a> the growing need to create an ecosystem that allows Russian residents to purchase cryptocurrencies like Bitcoin (BTC) amid increasing demand. The official argued that despite Russia enforcing crypto legislation earlier this year, the Bank of Russia has been negligent, refusing to authorize local banks to offer crypto investment services.<\/p>\n

Tumusov said that central bank governor Elvira Nabiullina has been speaking openly about the bank\u2019s reluctance to deal with decentralized cryptocurrencies, focusing on a state-controlled digital ruble instead. \u201cReluctance or not, this will not change the situation. It is necessary not to struggle with the reality but rather to adjust to it, to respond to the challenges of the time,\u201d Tumusov argued.<\/p>\n

The lawmaker noted<\/a>\u00a0that many countries around the world offer clear tax laws and policies that allow the industry to develop. He stated that Russia needs methods to deal with crypto that aren’t just prohibitions:<\/p>\n

\u201cShort-sightedness can be costly for Russia. Cryptocurrencies are the reality. Either we will accept it, or we will lose.\u201d<\/p><\/blockquote>\n

Related:\u00a0Russian Bitcoin critic says he would have bought BTC for 100 rubles<\/em><\/strong><\/p>\n

Tumusov\u2019s remarks on crypto come shortly after reports confirmed that major Russian banks like private bank Tinkoff have been unable to offer crypto services due to the Bank of Russia\u2019s tough stance on digital assets. Meanwhile, state-backed commercial banks like Sberbank and VTB largely criticize the industry, claiming that they don\u2019t like Bitcoin because it\u2019s too risky.<\/p>\n

While Russian banks are hesitant to dive into digital assets, major crypto companies like Binance have established a presence in the country. According to a June report by crypto intelligence firm Chainalysis, Russia is ranked the fifth-largest country in the world according to its estimated realized Bitcoin gains in 2020, following the United States, China, Japan and the United Kingdom.<\/p>\n