Central Bank of Russia (CBR) Shuts Doors to Bitcoin ETF Trading, Elvira Nabiullina Tells Media

Sahaj  |  Oct 25, 2021

The Chair of the Central Bank of Russia (CBR), Elvira Nabiullina, recently said that the country is not yet ready to allow Bitcoin ETF Trading. This has come when cryptocurrencies are managing to receive a positive acknowledgment as the country is considering them as the replacement of the dollar.

Elvira Nabiullina of CBR Tells Media that Russia is not Ready to Allow Bitcoin ETF Trading

In a recently held press conference, the head of CBR, Elvira Nabiullina, released a statement to the media saying that the Central Bank was not ready to allow ETFs based on cryptocurrencies in the Russian market. 

When asked if the European country was going to follow the steps of the United States, which recently approved its first Bitcoin ETF, ProShares Bitcoin Strategy ETF, she revealed the above-mentioned status of ETFs in the country.

It has been noticed that the regulatory bodies of Russia, have constantly been warning the Russian banks and investors to be careful of the digital assets. Also, back in the month of July, the Central Bank issued a warning to the stock exchanges to avoid listing of tickers that have backgrounds related to crypto and said that they:

“Increased risks of losses for people who do not have sufficient experience and knowledge.”

Russia Considering Cryptocurrencies for Foreign Trade

The political scuffle between Russia and the United States has definitely motivated Russia to consider cryptocurrencies instead of the US dollar for conducting foreign trade.

Vladimir Putin, the President of Russia, also commented on the situation and shared a bullish stance on cryptocurrencies.

In addition to this, Putin revealed that there is a possibility of using cryptocurrencies as a means of settling contracts with the supply of oil. He mentioned that the asset class though has the potential of being used as a means of payment, it was too early for use in setting trade of oil contracts.

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