Russian lawmakers and regulators are pushing for a change in the crypto industry. However, they will have to fight against the anti-crypto Central Bank that has a firm stance against crypto assets.
In a recent interview, Alexey Savatyugin, the Auditor of the Accounts Chamber, stated that crypto assets are a “significant” and impossible-to-ignore “element of the global financial system.”
The auditor said, “The total capitalization of the cryptocurrency market exceeds USD 2 trillion, which is more than the entire capitalization of the Russian stock market. It will not be possible to ignore this, particularly as in Russia a lot of people mine tokens and invest in cryptocurrencies. This means that it is time to introduce some kind of normative regulation to the sector.
Savatyugin went on to add that he agrees with the Central Bank’s tough stance on crypto. The auditor also issued a familiar warning that crypto has no “intrinsic value” and that tokens are “not backed by anything.” He also labelled crypto as a “very high-risk” investment.
Lawmakers urge the Central Bank to take Crypto spread into account
Three of the State Duma’s committees have urged the Central Bank to “take the global spread of crypto into account.” They have also warned about the risks involved with the Bank’s plans to issue a digital ruble.
According to Finnmarket, the Duma’s financial markets, budgetary and economic committee issued a joint statement to the Central Bank. The statement urged the bank to “take into account the adoption of cryptocurrencies in global transactions.”
The committees also explained that they believed that it would be beneficial for the bank to “analyze the impact of the spread of cryptocurrencies in global transactions.”
The committees added that a digital ruble launch could lead to a “possible decrease in the commercial banking sector’s profits.” The committees added that “the introduction of a digital ruble brings with it new risks,” including “in the field of information security.”
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