the central bank is not ready to authorize a Bitcoin ETF (BTC)

Russia’s central bank doesn’t want a Bitcoin ETF (BTC)

Moscow does not wish to follow in Washington’s footsteps. This is because Russia’s central bank is not ready to allow trading of stock trackers (ETFs) based on Bitcoin futures (BTC).

This statement by Elvira Nabiullina, president of the Russian central bank, is a sort of response to the authorization by the Securities and Exchange Commission (SEC) of the first Bitcoin ETFs in the United States.

It is in line with the position of Russia and its central bank on cryptocurrencies. Yet recent rumors have signaled an urge from Vladimir Putin to accept digital assets as a means of payment.

👉 To Read – After Years of Waiting, the First Bitcoin ETF (BTC) Has Been Authorized in the United States

Russia’s Conservative Position on Cryptoassets

Last July, the Russian bank had already issued a negative opinion on financial products linked to cryptocurrencies. According to the institution, these products entail risks of loss for individuals, especially those who do not have the necessary knowledge to invest.

In addition, the banking institution asked brokers not to offer derivatives with digital assets as underlying assets.

In summary, the Russian position is rather negative towards crypto-assets. It should be remembered that cryptocurrency payments are officially prohibited in Russia.

Nonetheless, aside from officials, possession of Bitcoin (BTC) and other altcoins is not illegal. However, their concealment can lead to jail.

👉 Follow all the news related to the regulation of cryptocurrencies

Bitcoin ETFs (BTC) hit the Atlantic coast

Russia does not seem interested in the recent results of the three Bitcoin ETFs authorized in the United States. The first such investment fund, the Proshares Bitcoin Strategy ETF, was launched on Wall Street on October 19.

At the close of this first day, the total volume of transactions reached one billion dollars. A few days later, wealth manager Vaneck got the go-ahead from the SEC to offer his own Bitcoin ETF. Soon after, Valkyrie’s Bitcoin Strategy traded fund began listing on the Nasdaq.

The attitude of the Russian central bank has recently been criticized by billionaire Oleg Deripaska. He notably accused the institution of turning a blind eye to the growing cryptocurrency market. However, it is not certain that its position will evolve in the right direction in the weeks or months to come.

👉 To read – Russia will follow Bitcoin (BTC) withdrawals very closely

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About the author: Benjamin Allouch

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Formerly a lawyer specializing in personal data and digital law, I quickly became interested in Bitcoin, blockchain technology and their legal implications. I am now an independent consultant and writer in the field of cryptocurrencies and blockchain.
All articles by Benjamin Allouch.

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