- The Russian government is undecided regarding cryptocurrency regulation.
- “… Digital finance is no longer the domain of the advanced consumer; it’s the domain of the mass consumer,” Elvira Nabiullina.
The head of the Russia central bank while speaking at the nation’s 4th FINOPOLIS innovative financial technology forum held in Sochi on October 17, said that it is fortunate that the crypto craze is dying down. Elvira Nabiullina insinuated that there has been a change in the stance of “companies” regarding certain techs, for example, blockchain and Initial Coin Offerings (ICOs). A local Russian news outlet referred to as RIA Novosti reported that the head of the bank said:
“We’re holding this forum for the fourth time, and in that period a cryptocurrency craze managed to break out which is now – fortunately, in our opinion – beginning to fade away.” She added, “During this period, technologies such as Blockchain sparked wild enthusiasm, and in our view [businesses] is now starting to adopt a more sober approach to them.”
The Russian government is undecided when it comes to the status of the legal structure in connection to cryptocurrency. A number of laws are stuck in the preliminary stages of the parliamentary process. On the contrary, the President, Vladimir Putin had directed that the laws regarding cryptocurrency be put in place by July 2018. Delays in the parliament are holding the country back in spite of the positive sentiments from financial authorities such as the Bank of Russia. Another comment by Elvira Nabiullina states:
“Businesses are trying to cultivate such technologies by finding practical use cases for them.” She adds “Digital technologies are becoming the norm of modern world. Digital finance is no longer the domain of the advanced consumer; it’s the domain of the mass consumer.”
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