The head of the central bank of Russia has said that bitcoin will not be taken into consideration as currency, amid plans toward regulating it as a digital asset. Elvira Nabiullina, the governor of the central bank of Russia, has showed that the authority is looking into the opportunity of regulating bitcoin. U travnju, Russia’s deputy finance minister Alexei Moiseev claimed that the Russian nation is now looking at tracking bitcoin transactions. This move would require regulating the business, with legislations drafted to this impact.
Toward the end of May, the central bank’s deputy chairperson Olga Skorobogatova addressed the subject during an assembly in the Russian Parliament. She pointedly mentioned bitcoin as a digital commodity, which might be subjected to policies in taxes, tracking and reporting.
Sada, the central bank’s governor has discovered that the authority is analyzing the opportunity of regulating the cryptocurrency. Earlier than regulation, Elvira Nabiullina stated that the central bank would first research and learn about the cryptocurrency, pointing to a need to recognize more about this internalization of bitcoin and our regulatory systems. Ipak, Elvira Nabiullina sees doubts and dangers related to cryptocurrencies and digital property.
Elvira Nabiullina said:
“We’ve a few doubts; we don’t see some big advantages from introducing digital property in our economic system. We don’t remember that bitcoin can be taken into consideration as a digital currency. It’s more digital assets with the regulation of assets.”
Russia’s central bank has some history in denying bitcoin to play the function of a currency. In February, the central bank blocked Ulmart, the biggest e-retailer in Russina, from accepting bitcoin as way of payments.
Ulmart chairperson, Dmitry Kostygin, rekao je:
“We noticed that there was demand for bitcoin payments from a number of our clients and so we were thinking about that significantly. But then, as the central bank intervened, we wouldn’t lose our time.”
Ulmart has since disregarded issues and has publicly introduced the plan to just accept bitcoin as a way of payment alongside the fiat ruble from September.
For Elvira Nabiullina, there’s far more of an appeal for the central bank in searching into blockchain.
Elvira Nabiullina said:
“I suppose it’s more essential to recognize benefits of new technologies like blockchain which is on the basis of bitcoin.”
Having established an operating organization to discover blockchain technology in early 2016, Russia’s central bank has since tested transactions on an interbank blockchain prototype dubbed Masterchain based on Ethereum. In May, an early draft of Russia’s digital economy program revealed plans about regulating the blockchain bussines in 2019.