{"id":14544,"date":"2021-11-20T20:54:09","date_gmt":"2021-11-20T20:54:09","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/opposed-to-bitcoin-payments-bank-of-russia-says-state-should-not-stimulate-spread-of-cryptocurrencies\/"},"modified":"2021-11-20T20:54:09","modified_gmt":"2021-11-20T20:54:09","slug":"opposed-to-bitcoin-payments-bank-of-russia-says-state-should-not-stimulate-spread-of-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/opposed-to-bitcoin-payments-bank-of-russia-says-state-should-not-stimulate-spread-of-cryptocurrencies\/","title":{"rendered":"Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Spread of Cryptocurrencies"},"content":{"rendered":"

Cryptocurrencies are anonymous and the government shouldn\u2019t encourage their spread, the head of Bank of Russia has insisted. The regulator remains firmly opposed to the legalization of bitcoin and the like as a means of payment in the Russian Federation. <\/strong><\/p>\n

Bank of Russia Reiterates Negative Stance on Cryptocurrencies, Legalization of Bitcoin<\/h2>\n

A \u201cresponsible state\u201d should not stimulate the proliferation of cryptocurrencies, according to Elvira Nabiullina, chair of the Central Bank of Russia (CBR<\/a>). The head of the monetary authority made the declaration in the lower house of the Russian parliament, the State Duma.<\/p>\n

The high-ranking official emphasized that the bank has \u201can extremely negative attitude towards cryptocurrencies\u201d which she described as \u201cprivate currencies pretending to be money.\u201d Quoted by the Tass news agency, Nabiullina elaborated:<\/p>\n

These cryptocurrencies are anonymous, no one is accountable for them, and, in our opinion, a responsible state should not stimulate their spread and squeeze them out of payments.<\/p>\n

At the same time, people need to be given an alternative, the governor acknowledged. Bank of Russia is trying to do that through its projects. \u201cI have already spoken about the digital ruble \u2013 in our opinion, this should develop,\u201d Elvira Nabiullina added.<\/p>\n<\/p>\n

The head of Russia\u2019s monetary policy regulator remarked that the CBR is not against digital currencies in general, provided they are not used for \u201cshadow operations.\u201d Nabiullina pointed out, however, that Bank of Russia continues to oppose the legalization of bitcoin as a payment instrument in the country.<\/p>\n

In response to the rising popularity of cryptocurrencies and the significant increase in electronic payments, the Russian central bank has stepped up its efforts to create a digital version of the national fiat, the ruble. This year, the regulator formed a digital ruble<\/a> pilot group with over a dozen financial institutions. A prototype of the CBDC<\/a> platform will be launched in December, with trials scheduled to commence in January.<\/p>\n

The digital ruble is what the Russians need as it will facilitate cheap and reliable non-cash payments, Nabiullina recently told<\/a> participants in an international banking forum. According to the country\u2019s latest financial market development strategy, the state-issued digital currency should prevent citizens from using \u2018money surrogates<\/a>,\u2019 a term used by officials in Moscow to describe cryptocurrencies.<\/p>\n

Do you think Russia will ever legalize bitcoin as a means of payment? Share your expectations in the comments section below. <\/em><\/strong><\/p>\n

Bitcoin News
\nRegulation, Bank of Russia, Bitcoin, Bitcoin Payments, CBR, Central Bank, Chair, Crypto, crypto payments, Cryptocurrencies, Cryptocurrency, Digital Currencies, Digital Currency, digital ruble, Elvira Nabiullina, Government, Governor, head, legalization, means of payment, Nabiullina, payment instrument, Russia, russian, State<\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrencies are anonymous and the government shouldn\u2019t encourage their spread, the head of Bank of Russia has insisted. The regulator remains firmly opposed to the legalization of bitcoin and the like as a means of payment in the Russian Federation. Bank of Russia Reiterates Negative Stance on Cryptocurrencies, Legalization of Bitcoin A \u201cresponsible state\u201d should…<\/p>\n","protected":false},"author":0,"featured_media":14545,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14544"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14544"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14545"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}