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Bank of Russia Opposed to Bitcoin Payments. Bank of Russia Says That State Shouldn’t Stimulate the Spread of Cryptocurrencies

Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Cryptocurrencies

Cryptocurrencies are anonymous and the government shouldn’t encourage their spread, the head of Bank of Russia has insisted. The Russian Federation regulator is still opposed to legalizing bitcoin and similar payments.

Bank of Russia Reveals Negative Stance on Cryptocurrencies and Legalization of Bitcoin

A “responsible state” should not stimulate the proliferation of cryptocurrencies, according to Elvira Nabiullina, chair of the Central Bank of Russia (CBR). In the lower house, the State Duma, the head of the monetary authority made this declaration.

The high-ranking official stressed that the bank had “an extremely negative attitude toward cryptocurrencies”. She described them as “private currencies pretending they are money”.

These cryptocurrencies are anonymous, no one is accountable for them, and, in our opinion, a responsible state should not stimulate their spread and squeeze them out of payments.

The governor also acknowledged that people should be offered an alternative. The Bank of Russia is working to achieve this through its projects. Elvira Nabiullina said, “I have already spoken of the digital ruble – in our opinion this should develop,” Elvira Nabullina added.

Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Cryptocurrencies

The head of Russia’s monetary regulator noted that the CBR was not against digital currencies in general provided that they are not used to “shadow operations.” Nabiullina however pointed out that the Bank of Russia still opposes legalizing bitcoin as a payment method in Russia.

The Russian central bank is stepping up efforts to create a digital ruble, a national fiat currency, in response to rising interest in cryptocurrencies and increased electronic payments. This year, the regulator formed a digital ruble pilot group with over a dozen financial institutions. A prototype of the CBDC platform will be launched in December, with trials scheduled to commence in January.

The digital ruble is what the Russians need as it will facilitate cheap and reliable non-cash payments, Nabiullina recently told participants in an international banking forum. According to the country’s latest financial market development strategy, the state-issued digital currency should prevent citizens from using ‘money surrogates,’ a term used by officials in Moscow to describe cryptocurrencies.

Do you think Russia will ever legalize bitcoin as a means of payment? Please share your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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