Russian central bank needs to ease up digital asset projects, governor says
The Russian central bank governor Elvira Nabiullina has admitted that the Bank of Russia might have taken a bit too tough a stance on digital assets and should look to reconsider that.
On Thursday, the Russian State Duma re-appointed Nabiullina as Bank of Russia governor, marking the third time for her to take the post since started serving in the position back in 2013.
At the official Duma session, Nabiullina talked about many measures that Russia has been taking and is planning to adopt in order to help the government mitigate the impact of massive Western sanctions against the Russian economy.
As part of the government’s measures to maintain the economy, the Bank of Russia is working to bring the topic of digital financial assets to a “working state,” Nabiullina stated.
She emphasized that Russia adopted its crypto-related law, “On Digital Financial Assets,” or DFA, more than a year ago, but it didn’t help the country get many “real projects.” The Russian government is yet to pass another legal initiative, the bill “On Digital Currency,” which is designed to clarify regulations around crypto trading and mining.
Nabiullina hinted that the Bank of Russia may reconsider its tough stance on the digital asset industry, stating:
Nabiullina stressed that the government should focus on encouraging the development of digital asset initiatives that have a “responsible person” issuing them, in contrast to private cryptocurrencies which don’t have a responsible party.
She noted that the Bank of Russia continues to discuss crypto mining-related issues with the government to reach a systematic decision. She added crypto mining-related decisions are not a direct competence of the central bank.
In her testimony, Nabiullina also traditionally
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