The central Bank of Russia has sent a letter to one of the largest compensation funds in the country. The content of the letter asks them to refuse to liquidate and adjust contracts (OTC) based on crypto-currencies. The clearing house in question has been the partner of several projects, ICO.
The Russian central Bank attacks back to crypto-currencies
The Russian central Bank has recommended to the compensation Fund MFB does not treat crypto-currencies. “The Bank of Russia has demanded that the compensation Fund MFB, which belongs to NO RTS, refuses to deal with the crypto-currencies. According to the Bank, the risk management system of the MFB is unsatisfactory “, according to what we could read in the business daily vedomosti daily. It is important to remember that the Caisse de compensation MFB provides clearing services on securities markets and exchanges of goods in Russia. In the month of August last year, MFB has issued new regulations, compensation on its Web site. They included specific provisions on the clearing of contracts of otc based on crypto-currencies. More than a month after the publication of these new regulations, the Russian central Bank finally decides to make recommendations. Meanwhile the platforms Voskhod and NO RTS have announced a number of projects with digital assets, with the participation of the Caisse de compensation MFB.
Why the Russian central Bank takes-it-to-the MFB ?
The Russian central bank has conducted a thorough analysis of the regulations of the Caisse de compensation and has concluded that ” the risk management system of the MFB is unsatisfactory for the clearing of contracts of otc using crypto-currencies. According to the central Bank of Russia : “The risk management system of the compensation Fund MFB does not currently provide a practical approach to manage the legal risk associated with fact that transactions with crypto-currencies are carried out outside the jurisdiction of Russia. “.