Bank of Russia dismisses to authorize the provision of crypto services
The Central Bank of Russia dismissed all kinds of provisions to the crypto and crypto-related services in the Russian federation.
Crypto trading has been legal in Russia since 1 January 2021 but the Government of Russia is fully against crypto adoption as a means of the payment system and financial inclusion. Many times the Russian government said that they will never allow the circulation of the crypto industry and also will never give support to the revolution and development of the crypto market in Russia, with full restriction of no use of crypto for payment purposes.
In the latest, a meeting was held between the members of the financial sector and Officials of the Bank of Russia. In the meeting, one of the members raised his voice in support of authorizing the provision of crypto-related services, then in response the regulator dismissed the suggestion.
According to published announcements citing this matter, financial businesses questioned to support and allow the investment in the crypto industry. In response to this question, the regulator said:
“According to the Bank of Russia, the provision by financial institutions of services related to operations with crypto assets and derivatives on such assets does not meet the interests of investors in the financial market and carries great risks.”
This statement of the regulator indicated that Russian took his action back and they are no more interested to support the industry’s proposal to expand the practice of issuing Russian financial instruments in foreign fiat currency.
Sber Bank’ struggle in Russia
Sber is a state-owned bank in Russian. Sber wants legal approval from the Central Bank of Russia to launch its blockchain ecosystem for Sbercoin.
Sber filed to get permission for the same with regulators and aimed to get approval by the end of this year.
As we know that we are at the end of this year but still no response came from the Russian Regulators over the application of Sber Bank. This shows that Russia is not ready to push the evolution of the crypto industry in Russian Federation at any cost.
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