After the US financial authority approved the first Bitcoin futures exchange-traded funds [ETFs], other nations were forced to explore similar crypto products.
Following the approval of the first Bitcoin futures exchange-traded fund [ETF] by the Financial Industry Regulatory Authority in the United States, there has been constant pressure on other nations to examine other cryptocurrency products. According to Elvira Nabiullina, the head of the regulator at Russia’s central bank, the country will not be swayed from its position on the Bitcoin ETF, as the central bank is not prepared to introduce the cryptocurrency to the market.
According to sources, when asked whether the Russian monetary policy regulator would follow the United States in listing Bitcoin futures ETFs, Nabiullina, the chair of the Central Bank of Russia, replied that the bank was not ready to allow the trading of ETFs at the time of the question.
It should come as no surprise that Russia does not wish to follow in the footsteps of the United States, given that the Central Bank of Russia has never been a lover of cryptocurrency. Given the present state of affairs in the nation, the thought of introducing a futures product based on cryptocurrency may appear to be a distant fantasy.
In fact, the bank had already encouraged Russian stock exchanges to refrain from dealing in financial instruments that were related to cryptocurrencies and their values back in July. This was also done in order to protect residents who lacked expertise and experience in cryptocurrency trading.
Additionally, asset managers were ordered not to include cryptocurrency assets in mutual funds as part of the adjustments suggested by the central bank. The sale of “pseudo-derivatives with such underlying assets to ineligible investors” was prohibited. Brokers and trustees were also prohibited from doing so.
For individuals who have invested in cryptocurrencies, the feeling has been a little hazy, as President Vladimir Putin stated only a week ago that cryptocurrency payment was a major use case while remaining wary about other potential uses of the cryptocurrency.
“…it is too early to talk about the trading of anything in crypto-currencies,” the President had stated, although he did acknowledge that cryptocurrency may “exist as a form of payment.” The central bank, on the other hand, has been vocal in its opposition to the legalization of the circulation of Bitcoin and other cryptocurrencies.
