Russian Bank Official Claims Digital Asset Fever Slows
According to a report on October 18th by RIA Novosti, Russian Central Bank official, Elvira Nabiullina, claims that the trend towards digital assets in the nation is diminishing.
During her presence at Finnopolis, a forum for financial innovation that took place in Sochi, the bank head noted that both digital asset and blockchain approaches are fading and the community now views these technologies in a more rational way.
Digital Asset Fever Comes to an End
Nabiullina also stated that new businesses and industry entrepreneurs are attempting to utilize blockchain tech to provide services or products. Referring to ICOs, Nabiullina described them as requiring sufficient methods to combat the lack of protection against fraudulent activities.
As part of concluding remarks, Nabiullina stated that these emerging technologies are on their way to mainstream adoption, and no longer apply strictly to technologically advanced or high profile investors.
Publicly recognized for her bearish sentiment towards digital assets and blockchain tech, she previously made comparisons to the global interest in crypto with that of a gold rush. In 2018, the bank official expressed that central bank entities are against the regulation of digital assets particularly when equating them to fiat currencies.
Nonetheless, recent reports state that a growing interest exists from the nation’s banks pertaining to collaborating with the operators of digital assets. Sources claim that private meetings were organized between banking officials in order to facilitate further understanding of regulatory policy utilized in crypto hotspots ,including Singapore, Japan, and Luxembourg and how those might fit into Russian economies.
Redefining Legal Definitions
According to Cointelegraph, Russia’s current efforts to establish crypto policy has been complex and continues to struggle on that front. Recent drafts of legislation are attempting to re-establish crypto definitions to further clarify existing contradictions presented in previously passed legislation with the RSPP working towards creating alternative digital asset policies.