A member of the Russian State Duma blasted the central bank’s tough stance on the cryptocurrency industry for ignoring the country’s growing demand for crypto.
Fedot Tumusov, member of the “A Just Russia” party representing the Siberian region of Yakutsk, criticized the Bank of Russia’s approach to regulating the crypto industry following a plenary session on Tuesday Meet of the State Duma.
In a Tuesday Telegram article, Tumusov described the growing need to create an ecosystem that allows Russian residents to buy cryptocurrencies like Bitcoin (BTC) amid growing demand. The official argued that despite Russia’s enforcement of crypto legislation earlier this year, the Bank of Russia was negligent in refusing to allow local banks to offer crypto investment services. .
Tumusov said central bank governor Elvira Nabiullina spoke openly about the bank’s reluctance to deal with decentralized cryptocurrencies, focusing instead on a state-controlled digital ruble. “Reluctance or not, that will not change the situation. It is necessary not to struggle with reality but rather to adapt to it, to respond to the challenges of the time ”, argued Tumusov.
The legislator Noted that many countries around the world have clear tax laws and policies that allow the industry to thrive. He said Russia needs methods of dealing with crypto that aren’t just bans:
“Myopia can cost Russia dearly. Cryptocurrencies are reality. Either we will accept it or we will lose.
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Tumusov’s crypto remarks come shortly after reports confirmed that major Russian banks such as private bank Tinkoff have been unable to offer crypto services due to the firm’s stance. Bank of Russia on digital assets. Meanwhile, state-backed commercial banks such as Sberbank and VTB widely criticize the industry, saying they don’t like Bitcoin because it’s too risky.
While Russian banks are reluctant to venture into digital assets, large crypto companies like Binance have established a presence in the country. According to a June report by crypto intelligence firm Chainalysis, Russia is ranked fifth among countries in the world according to its estimated Bitcoin gains in 2020, after the United States, China, Japan and the United Kingdom. .