TL;DR Breakdown
- An old member of the Russian State Duma has critical views regarding the Russian central bank.
- According to this person, the Russian bank is not understanding the potential of crypto.
- They are short-sighted for maintaining the tough stance on crypto.
According to a member of Russian State Duma which is the Lower House of the Legislative State Assembly in the county of Russia, the Russian central bank of the country does not understand the potential of crypto. The thing is that the people in power are not considering the huge demand that the trillion-dollar industry creates. There are multiple fields in which blockchain technology is increasing presence.
Be it NFT or DeFi applications, cryptocurrencies are gathering a huge amount of popularity. Cryptocurrencies are no more confined to being assets. It is imperative for the Russian central bank to recognize the capacity and potential that the crypto market has. Instead, the bank is opposing the growth of crypto, pressuring the people to not indulge in crypto investment.
The stance of Russian central bank
Fedot Tumusov, a prominent member of the ‘A Just Russia’ party that represents the Siberian region of Yakutsk is one of the first influential figures that has come out in the favor of crypto. Therefore, it can be said that the current stance of the Russian central bank is not justified. He claims that they are ‘short-sighted’ and they are missing out on huge opportunities.
Today, in a Telegram post, the lawmaker claimed that there is a growing need for an ecosystem that will allow the citizens of Russia to deal with cryptocurrencies, i.e., buy or sell them as and when they want. Although the government has legalized the existence of cryptocurrencies, the bank doesn’t seem to be very keen on adopting or providing crypto services.
Elvira Nabiullina, the governor of the central bank, is speaking openly that the bank is not interested in dealing with or providing services related to cryptocurrencies. Due to this, the Russian people are unable to trade in cryptocurrencies. In the absence of the authority of the Russian central bank, companies like Binance have secured a stronghold in the country.
It is also a fact that among the biggest profit takers from Bitcoin, Russia is one of the biggest takers in the list. Considering this, Fedot Tumusov claims that the Russian central bank should accept crypto instead of trying to subdue it. The thing is there is no stopping to the crypto industry now. The introduction of NFTs has also gained ground. It is already a multi-million dollar industry and also, recently, many countries are planning to open NFT art galleries wherein people can take a look at a country’s talented artists.
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