Crypto Catch: Russia reiterates its anti-crypto stance

[ad_1]

The Central Bank of Russia (CBR) has once again taken an adversarial stance against cryptocurrency, citing crypto’s inherent volatility as the main reason for its conservative stance.

CBR Governor Elvira Nabiullina said this week in an online press conference that the Russian monetary authority does not welcome Russian citizens’ investments in cryptocurrencies.

In addition to their volatility, the governor cited the potential of crypto to be used in criminal activities as major reasons for the regulator’s position.

Nabiullina’s comments follow reports in the media that Russian authorities are currently in discussions regarding different approaches to the regulation of cryptocurrencies.

Earlier, Reuters reported that the CBR was in talks with market participants over a possible ban on acquiring crypto assets in the future.

A source close to RCB said the central bank’s current stance on cryptocurrency is one of “complete rejection.”

However, industry experts have warned that a cryptocurrency ban will push investors underground, preventing the state from collecting taxes.

BOE Intensifies Crypto Regulation Discussions

The Sunday Times reported that the Bank of England plans to step up international talks on establishing a regulatory framework for assets, but is struggling to find the data it needs on institutional exposure to the cryptography.

Sarah Breeden, BOE’s executive director for financial stability strategy and risk, said the growing number of banks offering crypto and custody transactions for clients requires global rules to protect the financial system.

Breeden added that obtaining the necessary information is not something the UK can achieve on its own and that it would need a Financial Stability Board to work with to make recommendations on the stability of the financial system. global.

The Bank of England has repeatedly stated that crypto holdings in the UK do not pose a threat to the financial system, but its rapid rate of growth means they could become more of a threat as they grow. increasingly linked to the larger financial network.

Meanwhile, Bitcoin has only risen 0.57% in the past 24 hours and stands at US $ 47,100.

Altcoin News

New data shows that a Dogecoin (DOGE) whale moved nearly US $ 1 billion in crypto yesterday while paying less than a dollar in transaction fees.

According to DogeChain, blockchain explorer Dogecoin, the crypto investor transferred nearly US $ 1 billion from DOGE to two different wallets in a single transaction.

The whale’s movements come after Tesla CEO Elon Musk skyrocketed the price of the popular meme last week after announcing that the electric car maker would accept DOGE payments for some merchandise, though. that it is not clear exactly what items are available for purchase in Dogecoin.

Winners and losers

Note: These are the last 24 hours from 12:30 p.m. AEST

Source: Coinmarketcap.com, based on the top 100 cryptos.

Image source @ 2021 Kalkine Media®

[ad_2]