The Chairman of the Central Bank of Russia (CBR), Elvira Nabiullina recently appeared to give an enlightenment raised in the crypto community. He has confirmed in a press conference that the country has no plans to follow in the footsteps of the U.S. Securities and Exchange Commission (SEC) for the listing of Bitcoin ETFs.
The governor's statement carries an indication that the Russian Central Bank is not fond of crypto. Earlier this year, the CBR issued a statement recommending the Russian stock exchange not to allow trading of domestic or foreign securities along with the payment of dividends related to kritpo.
CBR emphasizes the risk factor, noting that with high profit potential, the risk of losing large sums of money will increase among retail investors who are less experienced in the industry.
The central bank lists the price of crypto assets, changes in crypto and the index of crypto assets as well as the cost of crypto derivatives and securities of crypto asset funds as unnecessary financial products. The measure taken by the Russian central bank is as a precautionary measure especially for retail investors and beginners.
Recently the first US Bitcoin ETF that has been long awaited among the crypto community has been launched and is showing unexpected performance. Following in the footsteps of the success of the first Bitcoin ETF, a second Bitcoin-backed ETF has also been launched and experts believe that the massive use of controlled Bitcoin ETFs could be a ‘game changer’ in the industry.
Although US regulators are also among the strongest against crypto as expressed by Russia but they eventually complied with the U.S. SEC allowing BTC ETFs.
