According to details provided recently to the Russian paper Izvestia, the Russian Central Bank will certainly consult with agents of the financial community to establish a position on Bitcoin and cryptocurrencies in general.
A source near the Bank of Russia told Izvestia that the governor may be open to cryptocurrency and that the reserve bank may allow, and control, some Bitcoin activities, particularly transfers, payments, and settlements in between users.
Elvira Nabiullina, guv of the Russian Central Bank, supplied explanations on the position of the reserve bank on Bitcoin in an interview with CNBC.
Asked whether she might see a time in the near future where the central bank might be planning to hold any reserves of bitcoin or authorize the use of bitcoin in Russia as a genuine currency of exchange, Nabiullina offered a carefully unbiased reply.
“Up until now I cannot picture a situation where bitcoins would be thought about a reserve currency, however we are taking a look at how this market is developing, we are keeping in mind certain risks there and we’ve notified the market gamers that we determine these threats, and since there are lots of agents because certain sector that could be turned to some uncertain operations and transactions,” Nabiullina said. “You understand the sort of policy we perform about suspicious deals, however we are seeing over the development of this market and see that for customers there are particular tourist attractions in bitcoin’s mobility, usefulness, low expense, so this is something definitely the marketplace will certainly be welcoming so we will certainly be enjoying with interest and, if required, regulate it.”
Nabiullina went over numerous other existing problems pertinent to global and European financial markets, consisting of the possibility of Grexit– the exit of Greece from the eurozone and maybe even from the European Union. As just recently kept in mind by Bitcoin Magazine, such a possibility may have a substantial effect on digital currencies.
“We do consider [Grexit] as one of possible risks which would enhance turbulence in the financial markets in the European market, bearing in mind the reality the European Union is one of significant trading partners, and we are absolutely worried by it,” Nabiullina stated. “There will be possible consequences. And there is a possibility of this kind of sentiment ending up being more powerful, which could decrease the rate of the property development of the recuperation of the European economy, and reduce the demand for our products.”
Nabiullina declined to hypothesize on the probability of Grexit.
In reply to a direct concern, Nabiullina commented on the actions taken by the central bank to support the Russian currency, such as increasing rate of interest, and finally, and win the fight versus the speculators. “In order to stabilize [the currency], we needed to apply a comprehensive set of measures– a few of them being very undesirable, such as raising an interest rate,” she said. “The circumstance in the market progressively is supporting. However at the exact same time we were facing, you know, big objectives to lower inflation. Our goal is to reduce it down to 4 percent.”
Photo Pavel Kazachkov/ Flickr
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