• Russian news outlet Nabiullina reports apathy on the regulation of cryptocurrencies
• President Vladimir Putin also confirms that his government is working on a regulatory framework for crypto

The central bank of the Russian Federation recently stated that the devastating failure of blockchain projects this year had restored sanity to the sector. During the FINOPOLIS innovative financial technology forum, the Russian banking chief Elvira told the country that the investors’ cloud of enthusiasm has begun to wear off.

“We are holding the FINOPOLIS forum for the fourth time. Earlier, this event used to witness a cryptocurrency fever everywhere. But now, it is visibly beginning to disappear.”

The fever is dying

The Russian banking chief’s words come at a time when cryptocurrency is receiving a slowly growing acceptance in the country. Across the globe, crypto assets are gaining a somewhat higher acceptance among the people. Companies such as BTCC are finding new markets.

The Russian head of state, Putin also expressed his confidence in crypto transactions and further assuring that they would develop a framework for the same. However, he urged users to do so with caution as control of cryptocurrency goes “beyond national borders.” The structure would see bitcoin and other crypto assets recognised by the law.

“The Central Bank of the Russian Federation believes that cryptocurrencies cannot be a means of payment, settlement or store of value. These currencies are not secured by anything”, says the Russian head of state in response to a question posed by the public. He continued to express that the use of crypto as a means of payment is out of the picture. Nevertheless, he said that the blockchain technology would help avoid sanctions from the western nations; they would help Russia “avoid restrictions in global finance and trade.”

Ideal fundraisers with ICOs

According to Russian news, Elvira confirmed that ICOs are an effective instrument to raise money for projects.

She, however, admitted that the young industry has seen a lot of ‘skulduggery’. “But we see that at the initial stage, this tool was not sufficiently protected from fraudsters”, said the head of the central bank.