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a top russian MP and the chief architect of the country’s crypto law claims that bitcoin (btc) There is “no future” – and claims that “ruble-backed coins” will prevail instead.
The comments were made by Anatoly Aksakov, State Duma chairman of the committee on financial markets, and reported by the news agency interface,
Aksakov said he was “cautious” and “sceptical” of bitcoin, although he acknowledged that there was a “large group of people working in this market” in Russia.
He claimed that the recent increase in BTC price is a sign of investor nervousness “due to the state of the US market”. He suggested that the recent international banking “crisis” had made BTC seem “attractive” to some investors.
But he claimed the market was “volatile” and “extremely unpredictable”.
“In my opinion, bitcoin […] There is no future. That’s why I will invest in Russian digital financial assets that are starting to appear on the market.”
He added that “this year,” he and his colleagues “expect” to see “a serious intensification of the issuance of ruble-backed digital financial assets.”
When Could Russian ‘Ruble-Backed Coins’ Be Launched?
Aksakov said that some of the new Russian “digital financial assets” would be backed by “natural resources” and “the potential of companies.” This was probably in reference to digitized commodities, such as oil and precious metals. Several Russian players are already active in this market.
The MP was also referring to digital securities, which have not yet been introduced in Russia.
He concluded by saying that these “assets,” including ruble-backed tokens, “could be very interesting” – and will likely materialize later this year and in 2024.
In Russian legal and political circles, the term “digital financial asset” has been used as an umbrella for a wide range of coins—from what lawmakers call “private cryptoassets” (such as BTC) to those issued by the Central Bank. Till the coins made.
However, the country’s political system remains completely stagnant when it comes to crypto regulation.
A long-awaited bill that seeks to legalize the crypto mining sector has been tabled hanging in the balance for months because of the division between anti-crypto central bank and the pro-business finance ministry.