A battle of ideas goes on
An expert about the regulator’s fight against the Ministry of Finance, the fate of cryptocurrencies in Russia is at stake
The latest statements of the management of the Russian Central Bank about the danger of replacing the ruble with cryptocurrencies suggested that the Central Bank is seriously going to continue the fight to totally ban digital currencies in the country, thinks Realnoe Vremya’s columnist, economist with long-term banking experience Artur Safiulin. In his opinion, now there is a struggle between the two concepts offered by the Ministry of Finance and the Central Bank. This type of statements is another stage of this battle. The expert offers to examine the Central Bank’s position and the consequences it will lead to in detail.
Not everybody in the government shares the Central Bank’s opinion about the ban on cryptocurrency
As early as January, the Central Bank launched an initiative to totally ban cryptocurrencies in Russia — the issue, mining and circulation of cryptocurrencies. Such a hard-line approach caused a wave of indignation among investors and clients of the biggest players. The ban will entail an outflow of specialists, a fall in jobs and losses of potential incomes of 50 billion rubles a year for the budget. The Central Bank sees cryptocurrencies as money imitation, which carries risks for citizens.