No Huge Benefits from Introducing Bitcoin Insists Russian Central Bank

01.06.2017

Elvira Nabiullina, the head of Russia’s Central Bank, says the regulator is analyzing introduction of bitcoin regulation, however, it doesn’t want to hurry things since it sees a lot of inherent risks.

Speaking at the St. Petersburg International Economic Forum, she told CNBC:

“We’re analyzing now this possibility and I think we should understand more about this internalization of Bitcoin and our regulatory systems. We see many risks on using Bitcoin,” Nabiullina said.

Last month, the Bank of Russia said it was going to consider Bitcoin and other cryptocurrencies a digital commodity. They also stood for a mining-friendly legislation, however, it would still imply imprisonment for selling the mined bitcoins.

“We don’t think Bitcoin can be considered a virtual currency. It’s more of a digital asset with the regulation of assets. What’s more important, however, is that we have to have better understanding of new technologies. Just like blockchain that is based on Bitcoin, now Bitcoin is like money,” said Nabiullina.

The head of the Russian Central Bank also notes that the regulator has certain doubts concerning introduction of digital assets to the economy.

“We are not in a hurry. We have some doubts, we don’t see some huge benefits from introducing digital assets in our economy,” added Nabiullina.

Found a typo? Highlight text and press CTRL+ENTER

Subscribe to our Newsletter

Tags: Bank of Russia, Bitcoin, regulation