Russia's National Financial Association is demanding legalization of cryptoinvestment - Finance

The most important association of the financial industry in Russia has asked the authorities to rethink a position against cryptoinvestment in the country's financial market strategy. The organization insists that the cryptoinvestment of the Russians should be brought out of the "gray area" instead of prohibiting them.

The committee of the financial industry emphasizes the government emphatically to regulate the company with crypto-assets

The Russian National Finance Association (NFA) has issued a call to change the country's strategy for the development of the financial market of the Russian Federation by 2030 in part by investing in cryptocurrencies, Ria Novosti and Prime reported on the proposal. The nfa combines over 200 companies that are active on the Russian financial market.

The strategy now states that the Russian government and the Bank of Russia will continue to speak against the use of “currency urrogats”, a term that is often used to describe decentralized digital currencies such as Bitcoin. According to the document, they are high risks for citizens and can hinder the implementation of macroeconomic measures that aim to create favorable economic conditions.

operations with crypto-assets remain “in the gray area”, although the investments of the Russians in cryptocurrencies are significant, the self-regulatory authority of the Russian financial sector found. Foreign companies and non -registered intermediaries receive income from such transactions, noted the organization.

The NFA believes that the possibility of giving Russian investors access to digital financial investments by Russian professional market participants, as well as the possibility of creating additional investment funds with cryptocurrencies for qualified investors.

The proposal comes after recent reports have shown that cryptocurrency is a popular investment option for many Russians. According to the Russian Association for Crypto Economics, Artificial Intelligence and Blockchain ( racib ), at least 17.3 million people in Russia have crypto money exchanges. In December, the chairman of the State Duma Financial Market Committee, Anatoly Aksakov, announced that Russian citizens did this invested 5 trillion rubles in Krypto (over 67 billion dollar).

Bank of Russia was a strong opponent From cryptocurrencies in the country and will restrict Crypto investments by blocking card payments to recipients such as the exchange of digital assets. However, estimates cited in the central bank's own financial stability overview for the second and third quarter of 2021 digital currency transactions made by Russian residents amount to around $ 5 billion.

lubomir Taskensev

lubomir Taskersev is a technically experienced journalist from Eastern Europe, who likes Hitchens' quote: "To be a writer is what I am and not what I do." In addition to crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

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