Russia is currently not ready to launch a BTC ETF, said Elvira Nabiullin, head of the Central Bank of the Russian Federation.
Its statement, which reaffirms the central bank’s negative stance on cryptocurrencies, comes after the historic launch of BTC ETFs in the United States.
Russian central bank does not change its mind
Russian Central Bank (CBR) is not ready to allow BTC ETF Futures, the head of the institution Elvira Nabiullina said at a press conference.
The chief’s statement is in line with the long-term conservative position of the Central Bank of the Russian Federation on decentralized digital currencies and cryptocurrency-based investment funds. The bank even advised Russian stock exchanges and other institutions to avoid trading in cryptocurrency-related assets. “They bring cryptocurrencies increased risk of loss to people who do not have sufficient experience and knowledge of trading on the exchange,” warned the central bank.
In the US, the exact opposite happened this month. The “Proshares BTC Strategy ETF” was officially launched on the New York Stock Exchange (NYSE). Investments totaled almost $ 1 billion. Shortly afterwards, VanEck a Valkyrie BTC Strategy received a green light from the SEC so that they could publicly offer their own to investors BTC ETF Futures.
There will be no ETFs so soon
Regulators insist that asset managers should not work with cryptocurrencies. The CBR further called on brokers to refrain from offering “pseudo-derivatives with these suspicious assets” to other investors. The statements also confirmed that Russian lawmakers are considering the introduction legal restrictions to the funds that private investors are going to invest in cryptocurrencies on a large scale.
The law on “digital financial assets”, which came into force earlier this year, also partially regulates cryptocurrencies, but officials have indicated that legislation is needed to ensure comprehensive regulation of Russia’s “cryptospace”. CBR is against accepting BTC and he believes he can’t replace fiat money at the moment.
The CBR’s position has recently been criticized by a Russian billionaire Oleg Deripaska. He accuses the CBR of deliberately closing its eyes to the growing cryptocurrency market. He described the bank’s behavior as “infantile”. He also pointed to El Salvador, which realized the potential of BTC.