Russian Central Bank Governor Says they Need to Ease up on Crypto Projects
The governor of the Central Bank of Russia (CBR), Elvira Nabiullina, admitted that the bank’s stance towards digital assets may have been a little too tough and they needed to reconsider. Nabiullina was re-appointed as the Governor of the Russian central bank by the State Duma on Thursday, which makes it her third stint in the position since she first began serving back in 2013. The Russian governor talked during the official Duma session about the various steps the country is taking or planning to take for mitigating the negative impact of the sanctions that Western nations have imposed against the country’s economy.
Nabiullina disclosed that the Bank of Russia was making an effort where digital financial assets are concerned in order to bring them to a ‘working state’ for maintaining the Russian economy. She said that it was more than a year ago that the country had adopted their first crypto-related law called ‘On Digital Financial Assets’, but it hadn’t helped in attracting a lot of ‘real projects’. Now, another piece of legislation is set to be passed in Russia, which is called ‘On Digital Currency’ and its aim is to clarify the regulations that relate to crypto mining and trading.
The governor further hinted of the possibility of the Russian central bank revising its tough stance where digital assets are concerned. She said that they had to assess if they were being too tight and needed to ease up in the case of digital financial assets’ projects. She said that these could come in handy for attracting funds. She stressed that the Russian government should promote the development of digital assets that are being issued by a ‘responsible person’ as opposed to private cryptocurrencies that don’t have a responsible party behind them.
She also highlighted that issues related to crypto mining were being discussed by the Bank of Russia with the government in order to come to a systematic decision. She went on to say that decisions related to crypto mining are not directly related to the central bank. Nabiullina also discussed the central bank digital currency (CBDC) in her testimony and said that they would begin using the digital ruble from 2023 onwards. She said that it would be implemented for international settlements and that Russia was one of the leading countries in terms of development of their CBDC, which include countries like China that have made a great deal of progress in this area.