A Russian State Duma member has blasted the central bank’s tough stance on the cryptocurrency industry for ignoring the growing demand for crypto in the country. Fedot Tumusov, a member of the “A Just Russia” party representing the Siberian region of Yakutsk, has criticized the Bank of Russia’s approach to regulating the crypto industry following a Tuesday plenary meeting of the State Duma. In a Telegram post, Tumusov outlined the growing need to create an ecosystem that allows Russian residents to purchase cryptocurrencies like Bitcoin amid increasing demand.
Tumusov criticizes the central bank of Russia for its approach towards crypto.
Tumusov argued that despite Russia enforcing crypto legislation earlier this year, the Central Bank of Russia has been negligent, refusing to authorize local banks to offer crypto investment services. The official said that central bank governor Elvira Nabiullina has been speaking openly about the central bank’s reluctance to deal with decentralized cryptocurrencies, focusing on a state-controlled digital ruble instead. “Reluctance or not, this will not change the situation. It is necessary not to struggle with the reality but rather to adjust to it, to respond to the challenges of the time,” Tumusov argued.
“Cryptocurrencies are the reality. Either we will accept it, or we will lose.”
The lawmaker noted that regulators across countries offer clear tax laws and policies that allow the industry to develop. He stated that Russia needs methods to deal with crypto that isn’t just prohibitions. He stated, “Short-sightedness can be costly for Russia. Cryptocurrencies are the reality. Either we will accept it, or we will lose.” The Russian lawmaker’s remarks on crypto came shortly after reports confirmed that major Russian banks like private bank Tinkoff have been unable to offer crypto services due to the Bank of Russia’s tough stance on cryptocurrencies.