Bank of Russia plans to ban digital currencies
Governor Elvira Nabiullina addressed digital currencies and central bank’s attitude towards the industry, which has been receiving mixed signals from government authorities in the country.
Governor Elvira Nabiullina addressed digital currencies and central bank’s attitude towards the industry, which has been receiving mixed signals from government authorities in the country.
The Russian central bank had previously suggested that mutual funds should stay away from digital currencies, but has now made it an official prohibition.
Tinkoff, through its brokerage arm Tink off investments, is considering several projects in and around digital currency, including the provision of Bitcoin services.
The measures were designed to protect unsuspecting investors and to avoid the risks of the digital currency market crashing to zero, according to Deputy Governor Sergey Shvetsov.
The state-owned Sber recently rebranded from Sberbank to become a leader in technology and financial technologies, rather than solely in banking.
The Bank of Russia recently sent a letter to stock exchanges urging them to stay away from companies that deal in digital currency-related services to protect investors.
Russia’s central bank intends on launching a digital ruble prototype this year, its deputy chairman has recently revealed.
Russia’s Sberbank has filed an application with the country’s banking regulator to launch its own stablecoin.
The Chinese model for its digital yuan is a better template for Russia in exploring a central bank digital currency, central bank officials said.
The Russian central bank recently met with some of the country’s commercial banks to discuss the proposed digital ruble.
Chief amongst the proposals is a separation of “qualified” and “non-qualified” investors, with separate rules relating to each class.
The Bank of Russia is formally exploring options for a central bank digital currency, which would create a “digital ruble” as a supplement to cash.