Russian parliamentarians would like to legalize cryptocurrencies, the Central Bank does not

In an interview with RIA Novosti, Alexey Savatyugin, the auditor of the Chamber of Accounts (the parliamentary body that deals with financial control), declared that crypto assets "are a significant element" and impossible to ignore "the system global financial ".

"The total capitalization of the cryptocurrency market exceeds 2 trillion dollars, which is more than the entire capitalization of the Russian stock market. It will not be possible to ignore this, especially since in Russia many people mine tokens and invest in cryptocurrencies. This means that it is time to introduce some sort of regulatory regulation in the sector ”.

Savatyugin added that he agrees with the Central Bank's "relatively tough" stance on cryptocurrencies, however, and issued a familiar sounding warning that crypto has "no intrinsic value" and that tokens "are not backed by nothing ”, also labeling cryptocurrencies as a“ high risk ”investment.

Elsewhere, three of the State Duma committees urged the central bank to "consider the global spread of cryptocurrencies" and warned of possible risks associated with the bank's plans to issue a digital ruble. According to Finmarket, the financial markets, the budget and economic committees of the Duma have issued a joint statement to the Central Bank, urging it to "take into account the adoption of cryptocurrencies in global transactions".

The committees said they "believe" that it would also be "useful" for the bank to "analyze the impact of the spread of cryptocurrencies in global transactions". The committees added that a digital launch of the ruble could lead to a "possible decrease in the profits of the commercial banking sector." The committees added that "the introduction of a digital ruble brings with it new risks", including "in the field of information security".

In addition to recommending a cryptographic rethink, the committees also recommended that the central bank present a "detailed assessment of the risks involved" in launching a digital ruble for both "macroeconomic stability and the stability of the banking sector" - and a network of support for smaller financial institutions. Lawmakers asked the bank to "present a roadmap for adopting the digital ruble with an estimated time frame" - as well as a list of possible responses that would help "adapt the economy to innovation" of an issued currency. by the central bank.


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