The Central Bank of Russia (CBR) has once again taken an antagonistic stance against cryptocurrency, citing crypto’s inherent volatility as a key reason for their conservative position.
CBR Governor, Elvira Nabiullina, told an online press conference this week, that Russia’s monetary authority does not welcome investments of Russian citizens in cryptocurrencies.
As well as their volatility, the governor called on crypto’s potential to be used in criminal activity as major reasons for the regulator’s position.
Nabiullina’s comments follow media reports that Russian authorities are currently holding discussions regarding different approaches to the regulation of cryptocurrencies.
Earlier, Reuters reported the CBR is in talks with market players over a possible ban on acquiring crypto assets in the future.
One source close to the RCB said the central bank’s current position on cryptocurrency is one of “complete rejection”.
However, industry experts have warned that a banning of cryptocurrency would push investors underground, which would prevent the state from collecting taxes.
BOE Intensify Crypto Regulation Talks
The Sunday Times reported that The Bank of England plans to intensify international talks on establishing a regulatory framework for the assets but is facing challenges in finding the data it needs on institutional exposure to crypto.
BOE’s executive director for financial stability strategy and risk, Sarah Breeden, said the increasing number of banks offering crypto trading and custody for clients requires global rules to protect the financial system.
Breeden added that acquiring the necessary information is not something the U.K. can achieve alone, and they would need a Financial Stability Board to work with in making recommendations about the stability of the global financial system.
The Bank of England have repeatedly said crypto holdings in the U.K. do not pose a threat to the financial system, but its rapid rate of growth means they could become more a threat as they become increasingly linked to the wider financial network.
Meanwhile, Bitcoin increased just 0.57 percent in the past 24 hours and sits at US$47,100.
Altcoin News
New data shows that a Dogecoin (DOGE) whale moved nearly US$1 billion in crypto, yesterday, while paying less than a dollar in transaction fees.
According to Dogecoin blockchain explorer DogeChain, the crypto investor relocated almost US$1 billion worth of DOGE to two different wallets in a single transaction.
The whale’s movements come after Tesla CEO Elon Musk sent the popular meme coin’s price skyrocketing last week after announcing that the electric car company would accept payments in DOGE for select merchandise, although it remains unclear exactly what items are available for purchase in Dogecoin.
Winners and Losers
Note: this is the past 24 hours from 12:30pm AEST
Source: Coinmarketcap.com, based on top 100 cryptos.
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