Russian Lawmaker Blasts Bank of Russia Crypto Prohibition
A long-term Russian lawmaker from the duma state, Fedot Tumusov, has lambasted the country’s central bank for refusing to acknowledge digital currencies in the country despite growing demand for them.
Tumusov Wants Authorization of Crypto-Related Services for Banks
Tumusov who represents Yakutsk and is from the “a just Russia” party made his opinions known during a duma state plenary session held this morning. Tumusov opined that the rising volume of cryptocurrency transactions in the country makes it imperative for the bank of Russia to make fair crypto policies for the citizens.
He further said that he doesn’t understand why the bank of Russia is reluctant in empowering financial institutions across the country to offer crypto-related services despite legislators endorsing crypto policies earlier in the year. Tumusov further said that Elvira Nabiullina (the central bank governor) must not just focus on creating the state-controlled digital ruble but must be ready to adjust to current realities.
Tumusov argued that “the reluctance of the central bank will not change the reality of current circumstances. Amidst these challenging periods, they must adjust to it instead of fighting against current realities.”
He also said that most nations are already enacting policies and laws that will allow the industry to thrive. He then suggested that Russia must adopt a similar approach rather than just creating hindrances for the industry. “Russia might suffer from this short-sightedness. We need to accept that digital assets have become the norm. Otherwise, we will lose.”
Crypto Exchanges Already Infiltrating Russian Territory
Tumurov made his comments when reports emerge that Russian financial institutions such as Tinkoff are prohibited from offering crypto-related services. By contrast, state-owned financial institutions like the VTB and Sberbank are in alliance with the central bank, claiming that the crypto industry, especially bitcoin is far too volatile.
While Russian banks are being prohibited from offering crypto-related services, Binance (a top crypto exchange) and other ones are gradually making in-roads into the country’s crypto landscape with their crypto services.
Chainalysis, a crypto analytics firm reported that Russia recorded the 5th highest bitcoin gains among all countries of the world. The top four countries ahead of them were the United States, China, Japan, and United Kingdom in that order.
Russians Suffer the Most from Crypto Cyber Threats
Meanwhile, a new ESET report has shown that crypto-related threats have increased in the same period when crypto prices were rising. The cybersecurity firm said that the top three countries whose citizens were exploited because of the crypto-craze are Russia (9%), Thailand (6%), and Peru (5%).
ESET also said that this virtual asset class has become more appealing to cyber securities because famous people were associating themselves with it, especially Snoop Dogg, Elon Musk, Eminem, and various sports teams.
The report also noted that cyber-related threats grew by about 19% in February and April this year which coincided with the period when bitcoin and Ethereum attained new peak prices. The firm suggested that Russian authorities need to find the source of this problem and fix it quickly before it becomes uncontrollable.
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