The Russian central bank has had a tough stance on crypto for a while now. The country’s authorities overall have been anti-crypto too. This is evident in a recent court decision to crack down on crypto websites.
However, one of the country’s lawmakers believes this is the wrong approach. According to Fedot Tumasov, a member of the Russian State Duma, the approach that the central bank is taking was a little too short-sighted.
Tumasov stated that instead of fighting crypto, the Russian Central Bank should figure out a way to build a crypto ecosystem. He noted that amid the rising demand for cryptocurrencies, such an ecosystem would allow investors to take advantage of the crypto market.
He particularly noted the Central Bank’s refusal to give banks the authority to offer crypto services. This is despite lawmakers creating the necessary legislation for crypto services. He added that the Central Bank governor had been quite defiant on matters crypto while at the same time talking about the Ruble.
While criticizing the Central Bank, the lawmaker compared Russia to other countries around the world. He stated that other countries had already put clear policies in place concerning the crypto market. This, he said, is what Russia needs to do, and not just focus on prohibiting the use of crypto in Russia. He added that simply focusing on prohibition could be costly to Russia in the long run.
His sentiments followed news that Russian banks couldn’t offer crypto services due to the Central Bank’s direction on crypto.