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President of RACIB suspects the Central Bank of deliberately slowing down the development of the digital economy
CONTENT

  • The adopted law on digital financial assets is one-sided, since it does not regulate the entire ecosystem, according to RACIB

  • The Central Bank can deliberately slow down the development of the domestic digital economy

  • The introduction of the digital ruble is a “senseless action”, says the president of RACIB

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The Central Bank of the Russian Federation does not understand the processes that are taking place in the world, the president of the Russian Association of Cryptocurrencies and Blockchain believes

The Central Bank of the Russian Federation can deliberately slow down the development of the digital economy in the country. Yuri Pripachkin, President of the Russian Association of Cryptocurrencies and Blockchain, expressed this opinion in an interview with the FINAM YouTube channel..

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According to the head of the Association, there are now two scenarios due to which the development of the domestic digital economy is slow:

“There are two possible options here: either he [the Central Bank] does not understand, or he understands and deliberately slows down. If he doesn’t understand, well then he can learn. If deliberately slows down, then we find ourselves in a situation similar to the history of our country, when we had exactly the same problems with genetics, with microelectronics, and so on … “.

Also, the president of RACIB suggested that society is on the verge of returning to the “era of private money”, which ended due to the monopolistic policies of central banks.

The President of RACIB suspected the Central Bank ...

Whether Russia will succeed in taking its place in the new era, according to Pripachkin, depends on whether legislators can create a “loyal” environment:

“So far, this [domestic regulation] is not fully achieved because the industry is very difficult to regulate with analogue legislation. The habit of regulation by means of prohibitive measures or criminal liability will lead nowhere … “.

Hasty digitalization

Pripachkin is sure: to implement the digital ruble is a “pointless action”, since the implementation of the digital currency will require the implementation of the entire ecosystem, including support for the conversion of the digital ruble into cryptocurrencies and interaction with other digital currencies.

“Their logic is analogous. They think that this is just technology, they will introduce an electronic record of the digital ruble and everything will be fine. Nothing will happen. In this regard, we have different understandings of what a digital ruble is, ”said the President of RACIB.

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As a reminder, earlier the Bank of Russia initiated public consultations on the development of the digital ruble.

The President of RACIB suspected the Central Bank ...

In the central bank, the decision to study in more detail the potential issue of digital currency was associated with the formation of a request from the society “to increase the speed, convenience and safety” of payments using modern technologies. Later, the head of the Central Bank of the Russian Federation Elvira Nabiullina said at all that the regulator could begin pilot testing of the digital ruble at the end of 2021..

At the same time, there is still no legislative regulation of the cryptocurrency market in Russia. The law “On digital financial assets” adopted in August, according to the president of RACIB, is “one-sided”, since the bill affects the regulation of an exclusively closed blockchain and stablecoins.

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The President of RACIB suspected the Central Bank ...

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