Russia Central Bank Categorically Against Regulating Crypto as Money
Russia’s central bank is “categorically against” regulating crypto like forex or money, its head says.
Russia central bank head Elvira Nabiullina has said it is “categorically against” regulating cryptocurrency money, or equating it with foreign currency.
Speaking at a forum organized by a group of Russian banks, Nabiullina, who previously said she is against cryptocurrency appearing on the Moscow Stock Exchange, warned about so-called “cryptomania” occurring, which was “dangerous.”
“We are categorically against regulating cryptocurrencies as money, as a means by which payment can be made for goods and services, and against equating them with foreign currency,” she stated via RIA Novosti.
“Because, as I’ve said more than once before, we understand there’s foreign currency, states which issue it, economics, central banks supporting it. Here the phenomenon (of cryptocurrency) is less understood.”
Russia continues to present a mixed perspective on how to regulate cryptoassets, with different prominent government sources giving contrasting views.
At the forum, the situation appeared no different. Nabiullina commented that the central bank’s position was “tougher” than that held by the chairman of the organizing banking association, Anatoly Aksakov.
Speaking earlier at the event, Aksakov said he favored “legalizing, arriving at a definition of what cryptocurrency is, arranging a space in which it should be allowed to trade, introducing a register for miners etc.”
Nabiullina, for her part, made reference to a crypto “gold rush” earlier this month, which she said should be averted.
Russia currently plans to present cryptocurrency regulation plans by the end of 2017. It remains to be seen what exact form these will take for ordinary citizens.