The future of crypto-currencies in Russia is still uncertain

The leaders of the Russian central bank have raised questions about the legalization of crypto-currencies, according to Bloomberg. Elvira Naiullina, Governor of the central bank of Russia, said at a banking congress in Sochi that he is not certain that the country legalizes the crypto-currencies.

The crypto-currencies fall into the highest place

Dmitry Skobelkin, deputy governor of the bank, has compared the crypto-currency to a pyramid scheme, taking the example of the recent decision of China to ban the ICO. Speaking at the same congress, he also said that China does not recognize the crypto-currencies as means of payment. Skobelkin met with officials of the chinese central bank earlier in the week. The comments of the banking authorities russians have been echoed in the ears of Jamie Dimon, CEO of JPMorgan Chase & CO., who said that the bubble bitcoin was ” worse than the bulbs of tulip “.

Anton Siluanov, Finance minister of Russia, wants to regulate rather than restrict the crypto-currencies. The Russian government plans to legalize and regulate the crypto-currencies as securities, said Siluanov last week. Support for crypto-currencies has increased since president Vladimir Putin met with Vitalik Buterin, founder of Ethereum, in June. It is known that Putin supported the efforts to develop the technology blockchain. The opposition of the bank of Russia could undermine the attempts to legalize the domestic use of crypto-currencies.

Projects continue despite uncertainty

Some of the projects in connection with the crypto-currencies continue to move forward despite the uncertainty. Dmitry Marinichev, a person close to the president, co-owns a company which has recently announced that it plans to raise $ 100 million in an ICO to fund a national operation of mining crypto-currency. Sberbank PJSC, the largest Russian bank, is considering having accounts in crypto-currencies in its swiss branch, according to Tass. According to plans recently announced by Siluanov, individuals or companies seeking to buy virtual currency will be subject to special laws which will soon be put in place. There will also be details on the procedures to be followed during the purchase of bitcoin or other crypto-currencies. The purchase of crypto-currencies will probably be treated as a purchase of securities under the new laws currently being written by the ministry of Finance.

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