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Elvira Nabiullina, governor of the Bank of Russia, has admitted that Russia\u2019s central bank might have taken a bit too tough a stance on digital assets and should look to reconsider that.<\/p>\n
On Thursday, the Russian State Duma reappointed<\/a> Nabiullina as Bank of Russia governor, marking the third time for her to take the post since she started serving in the position back in 2013.<\/p>\n At the official Duma session, Nabiullina talked<\/a> about many measures that Russia has been taking and is planning to adopt in order to help the government mitigate the impact of massive Western sanctions against the Russian economy.<\/p>\n As part of the government\u2019s measures to maintain the economy, the Bank of Russia is working to bring the topic of digital financial assets to a \u201cworking state,\u201d Nabiullina stated.<\/p>\n She emphasized that Russia\u00a0adopted its crypto-related law<\/a>, \u201cOn Digital Financial Assets,\u201d more than a year ago, but it didn\u2019t help the country get many \u201creal projects.\u201d The Russian government is set to pass another legal initiative<\/a>, the bill \u201cOn Digital Currency,\u201d which is designed to clarify regulations around crypto trading and mining.<\/p>\n Nabiullina hinted that the Bank of Russia may reconsider its tough stance on the digital asset industry, stating:<\/p>\n \u201cWe need to see if we are too tight here and we need to ease up these projects on digital financial assets. This can become another channel for attracting funding through digital financial assets.\u201d<\/p><\/blockquote>\n Nabiullina stressed that the government should focus on encouraging the development of digital asset initiatives that have a \u201cresponsible person\u201d issuing them, in contrast to private cryptocurrencies, which don\u2019t have a responsible party.<\/p>\n She noted that the Bank of Russia continues to discuss crypto mining-related issues with the government to reach a systematic decision. She added crypto mining-related decisions are not a direct competence of the central bank.<\/p>\n In her testimony, Nabiullina also talked about Russia\u2019s central bank digital currency (CBDC), claiming that the Bank of Russia expects to conduct the first real settlements with the digital ruble already in 2023.<\/p>\n \u201cWe are certainly looking to implement it [the digital ruble] for international settlements,\u201d Nabiullina said, adding that Russia is among the world\u2019s leaders in terms of the CBDC development,\u00a0following countries such as China<\/a>.<\/p>\n Related: <\/em><\/strong>Russia should use crypto for payments with Africa, commerce exec says<\/em><\/strong><\/a><\/p>\n As previously reported by Cointelegraph, the Bank of Russia has taken a hostile stance<\/a> on Bitcoin (BTC<\/a>) as well as the broader digital asset industry. The central bank has not only barred local banks<\/a> from offering Bitcoin investment but also was apparently preventing the country\u2019s largest bank, Sberbank<\/a>, from launching its own digital asset issuance platform.<\/p>\n<\/div>\n