Lawmakers call Russia’s central bank “short-sighted” on cryptocurrencies

A member of the Russian State Duma criticized the central bank’s strong stance on the cryptocurrency industry because it ignored the country’s growing demand for cryptocurrencies.

Fedot Tumusov, a member of the “Just Russia” party representing the Siberian region of Yakutsk, criticized the way Russian banks regulate the crypto industry after a plenary meeting on Tuesday. meeting State Duma.

In a telegram post on Tuesday, Tumusov Overview There is a growing need to create an ecosystem that allows Russian residents to purchase cryptocurrencies like Bitcoin (Bitcoin) In the case of increased demand.The official argued that despite Russia enforces encryption legislation Earlier this year, the Bank of Russia had been negligent and refused to authorize local banks to provide crypto investment services.

Tumusov said that central bank governor Elvira Nabiullina has been talking publicly about the bank’s reluctance to deal with decentralized cryptocurrencies. Focus on the digital ruble controlled by the state instead. “Reluctantly or not, this will not change the situation. It is necessary not to struggle with reality, but to adapt to reality and respond to the challenges of the times,” Tumusov believes.

Legislator famous Many countries in the world have formulated clear tax laws and policies to enable the industry to develop. He stated that Russia needs a way to deal with cryptocurrencies, not just a ban:

“Myopia can be costly for Russia. Cryptocurrency is a reality. Take it or lose.”

related: Russian Bitcoin critic says he will spend 100 rubles to buy BTC

Tumusov’s comments on cryptocurrencies came after reports confirming major Russian banks, such as private bank Tinkoff Unable to provide encryption service Because of the strong stance of the Bank of Russia on digital assets.At the same time, state-backed commercial banks such as Sberbank and VTB have criticized the industry to a large extent, claiming They don’t like bitcoin Because it’s too risky.

Although Russian banks are hesitant to get involved in digital assets, major cryptocurrency companies like Binance have established operations in the country.According to a June report by the crypto intelligence company Chainalysis, Russia was rated The fifth largest country According to its estimated bitcoin gains in 2020, it is second only to the United States, China, Japan and the United Kingdom.