Following the approval of the first Bitcoin futures exchange-traded fund [ETF] in the United States, other nations have been under constant pressure to explore various crypto products. On the other hand, Russia is not likely to be influenced by America’s choice since the regulator’s chief, Elvira Nabiullina, recently stated that the central bank was not ready to let the Bitcoin ETF enter the market.
According to sources, when questioned if the Russian monetary policy authority would follow the United States by listing Bitcoin futures ETFs, Nabiullina, the Central Bank of Russia chair, replied that it was not ready to allow trading of ETFs.
Russia’s refusal to follow America’s lead is unsurprising, given that the Russian Central Bank has never been a lover of cryptocurrency. Moreover, given the present state of affairs in the nation, the concept of introducing a cryptocurrency futures product may seem like a pipe dream.
Indeed, the bank recommended Russian stock exchanges stop trading financial items linked to digital currencies and their pricing. This was also done to protect individuals who lacked information and expertise with cryptocurrency trading.
The central bank’s recommendations also told investment managers not to add digital currencies in mutual funds. In addition, brokers and trustees were forbidden from selling pseudo-derivatives with such underlying assets to ineligible investors.
The attitude among digital currency investors has been a little hazy since President Vladimir Putin only a week ago cited bitcoin payment as an important use case while being skeptical about other applications.
According to the President, “…too early to talk about the trade of anything in sources of crypto”, but it may function as a form of payment. On the other hand, the central bank has been opposed to the legalization of Bitcoin and other cryptocurrencies.