logo

Russia refuses Bitcoin ETF trading

Russia

TL;DR Breakdown

• The head of the main Russian bank refused to accept the ETFs.
• Russia is slowly accepting cryptocurrencies, according to statements by Vladimir Putin.

After the North American Securities and Exchange Commission approved the first trading of Bitcoin futures exchange-traded funds, Russia has shown interest in this investment mechanism. However, the RU central entity director clarifies that his government is not ready to accept BTC ETFs.

The most prominent country in the world has spoken openly about cryptocurrencies leaving national investors in shock. Russia could be preparing plans for the massive cryptocurrencies adoption. This is part of its measures to accept the new financial model.

BTC futures traded funds will not arrive in Russia this year

Russia

In an interview, Elvira Nabiullina, the head of the main Russian bank, said that the country is not prepared for BTC ETFs. Many speculators thought that Russia would follow the measures that its rival country, the US, had admitted on cryptocurrencies in recent weeks. However, the Russians must wait for the ETF Futures market to be approved at some point.

For some people, not surprisingly, the government led by Vladimir Putin avoids crypto investments because they have not become friendly to decentralized currencies.

By July of this year, the Russian bank sent a statement warning national entities to stop trading cryptos. According to the RU bank, this measure was imposed to protect citizens who lacked knowledge about crypto investments. However, some crypto fans think it is one of the many regulations against cryptocurrencies that could come out.

Russian fans want anti-crypto regulations to be lifted

Crypto fans have good expectations despite the major bank not changing its stance on ETF trading and its readiness shortly. RU enthusiasts believe that virtual commerce is possible within the country, considering that Vladimir Putin, its president, made way for crypto payments. Not a week had passed since Putin spoke about cryptocurrencies when the crypto adoptions wave in country increased significantly.

The Russian Bank has yet to speak about the cryptocurrencies legalization like Bitcoin, but it could do so in the coming weeks. According to financial agencies, the government intends to accept cryptocurrencies to avoid the sanctions imposed on purchasing the US dollar.

Since stablecoins like USDT exist in virtual trading, it could make buying dollars easier. In this way, the government would be increasing its US dollars reserve without making a direct treaty with the country.

Enthusiasts will only have to wait for the new announcements brought by Putin or the head of the central entity where cryptos are involved. The country may announce its first ETF before the end of the year or open the possibility for one investment in BTC futures by 2022.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

Related News

Hot Stories

Coinbase records $1 billion loss in Q2
Curve Finance hacked and $570K stolen
Litecoin price analysis: LTC finds support at $57, but can the bulls fight back?
What happens to $ETH after the merge on 19 September?
Polkadot price analysis: DOT to retest support at $8.61, as bears extend the downtrend

Follow Us

Industry News

Coinbase records $1 billion loss in Q2
Curve Finance hacked and $570K stolen
What happens to $ETH after the merge on 19 September?
Cleanspark acquires BTC mining facility with 86 MW capacity
BitMEX executive pleads guilty in court