No Japan Repeat – Russia Dismisses Legalizing Cryptocurrencies

News and Analysis

The head of Russia’s Central Bank Elvira Nabiullina strongly dismissed the proposal to legalize cryptocurrencies voiced by an unnamed entrepreneur at the meeting with the Russian president.

Alexander Kalinin, the head of NPO “Opora Rossii” (Backbone of Russia), who was present at the meeting, told RIA Novosti:

“One of the entrepreneurs proposed to legalize cryptocurrency. Yet [Nabiullina] said that the Central Bank is against that because it would cause the government to lose control over monetary flows from abroad.”

The Central Bank was first offered to use Japan’s experience in cryptocurrency regulation by Boris Titov, Russia’s business ombudsman, this July.

Mr. Kalinin added that Elvira Nabiullina also spoke against Japan’s methods of legalizing cryptocurrency.

“She said the Central Bank is against going the Japanese way and creating a de-facto exchange. Just because it would be impossible to track the channels. Who’s going to use the channel? For what purposes?”

Earlier the head of the Russian Central Bank said that “the cryptomania is dangerous,” and digital currencies have features of a Ponzi scheme.

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