A leading Russian MP and the main architect of national cryptocurrency legislation claims Bitcoin (BTC) has “no future” and “ruble-backed cryptocurrencies” will prevail instead.
These comments were made by Anatoly Aksakov, chairman of the State Duma’s Financial Markets Committee, and reported by the Interfax news agency.
Mr. Aksakov said he was “suspicious” and “skeptical” of Bitcoinwhile admitting that there were a lot of people in Russia “working in this market”.
He claimed that the recent rise in the price of BTC was a sign of panic among investors “due to the situation in the US market”. He suggested that the recent international banking “crisis” had made BTC “attractive” to some investors.
But he said the market remained “volatile” and “extremely unpredictable”.
The legislator said:
“In my opinion, Bitcoin […] has no future. So I would invest in Russian digital financial assets that are starting to hit the market.”
He added that “this year” he and his colleagues “expect” to see “a serious intensification of the issuance of digital financial assets backed by the ruble“.
When Could Russian “Ruble-Backed Cryptos” Launch?
Mr. Aksakov added that some new Russian ‘digital financial assets’ reportedly backed by ‘natural resources’ and “business potential”. This is probably a reference to digitized raw materials, such as oil and precious metals. A number of Russian players are already present in this market.
The member was also probably doing reference to digitized titleswhich have not yet appeared in Russia.
He concluded by stating that these “assets”, which includes ruble-backed cryptos, could “be very interesting” and should arrive later this year and in 2024.
In Russian legal and political circles, the term “digital financial assets” has been used as an umbrella to refer to a wide range of cryptos ranging from what MPs call “private crypto-assets” (such as BTC) to cryptos issued by the Central Bank.
However, the country’s political system remains totally blocked on the issue of cryptocurrency regulation.
A long-awaited bill to legalize the crypto mining industry has been stalled for months, due to divisions between the anti-crypto Central Bank and the Ministry of Finance which is pro.
Remember that Russia will launch a mutual fund to finance cryptocurrency mining.
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