Russian Central Bank Governor: The Market Will Welcome Bitcoin

According to information provided last week to the Russian newspaper Izvestia, the Russian Central Bank will meet with representatives of the financial community to establish a position on Bitcoin and cryptocurrencies in general.


A source close to the Bank of Russia told Izvestia that the governor might be open to cryptocurrency and that the central bank may allow, and regulate, some Bitcoin activities, specifically transfers, payments, and settlements between users.


Elvira Nabiullina, governor of the Russian Central Bank, provided clarifications on the position of the central bank on Bitcoin in an interview with CNBC.


Asked whether she could see a time in the near future where the central bank might be looking to hold any reserves of bitcoin or authorize the use of bitcoin in Russia as a legitimate currency of exchange, Nabiullina gave a cautiously open-minded reply.


“So far I can’t imagine a situation where bitcoins would be considered a reserve currency, but we are looking at how this market is developing, we are noting certain risks there and we’ve informed the market players that we identify these risks, and because there are many representatives in that particular sector that could be resorted to some dubious operations and transactions,” Nabiullina said. “You know the kind of policy we conduct about dubious transactions, but we are watching over the development of this market and see that for consumers there are certain attractions in bitcoin’s mobility, expediency, low cost, so this is something definitely the market will be welcoming so we will be watching with attention and, if necessary, regulate it.”


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