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RUSSIA’S CENTRAL BANK IS ‘AGAINST LEGALIZATION’ OF CRYPTOCURRENCY

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Addressing the country’s parliament, the Duma, about the Bank of Russia’s impact over 2018, Elvira Nabiullina proceeded with an increasingly bearish position on digital currency.

“We’re against the legalization of cryptocurrency specifically as a means of payment,” legal magazine Pravo quoted her as saying May 30.

“We consider there are big risks here for those who hold cryptocurrency… It’s necessary to protect citizens from risky investments.

Bitcoin and many major altcoins have experienced a value change since the start of April, with BTC/USD picking up more than 125 percent in a new bull run.

This instability is off-putting for Bank of Russia, Nabiullina stated, regardless of the period since 2014 itself seeing the ruble devalue up to 200 percent against the dollar.

As Bitcoinist revealed, the national bank had turned out to be relentlessly more ‘risk-averse’ on cryptographic money lately, authorities sidelining rumors of a plan to create a stablecoin backed by gold.

In October, Nabiullina had asserted the digital money “craze” was reaching an end because of the progressing bear market.

A week ago, she proceeded in a comparable vein, repeating long-held contentions from Moscow about the potential job of supposed “money surrogates” in the Russian economy.

“In principle, of course, we’re against cryptocurrency entering our monetary system,” she said.

To all expectations and purposes, we don’t see the choice for digital currency to satisfy the capacity of money surrogates, and in this occurrence particularly.

RUSSIAN COURT IN CRYPTOCURRENCY FIRST

Russia’s biggest state-possessed bank likewise poured water on its future association with the crypto business.

At a press conference Thursday, Sberbank’s VP Andrey Shemetov accused the previously mentioned hawkish position of the central bank for it icing plans of its own.

“…We were waiting for legal framework which would allow us to trade in cryptocurrency. Since at the present time the regulator views it in a negative light, we decided to halt the cryptocurrency plans,” he said at a press conference.

Russia’s curiously volatile relationship to crypto thus continues.

In a different improvement, a court in the Siberian city of Omsk seemed to set an unexpected first this week, getting to be what is being asserted as the principal court on the planet to perceive the legitimacy of a trade deal inked utilizing blockchain and smart contracts.

The transaction involved Russian petroleum firm Petroleum Trading.

“It is evident that the current legal framework is entirely sufficient for allowing introduction of innovation on an industrial scale, while laws on cryptocurrency and blockchain are under development,” general director Maksim Dyachenko remarked.


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