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Russian State Duma members criticized the Central Bank’s approach to digital assets.

Russian State Duma members criticized the Central Bank's approach to digital assets

The lawmaker says that the Russian Central Bank is short-sighted regarding crypto. He also blasted the bank’s tough stance on the cryptocurrency industry. However, the bank kept ignoring the growing demand for crypto in the country.

Fedot Tumusov

Fedot Tumusov is a member of the “A Just Russia” party representing the Siberian region of Yakutsk. He criticized the central bank’s approach following a Tuesday State Duma’s plenary meeting. Moreover, he outlined the growing need to create an ecosystem.

Crypto Legislation

The ecosystem must allow Russian residents to purchase cryptocurrencies amid increasing demand. He said that Russia enforced crypto legislation earlier this year. But the bank has been negligent. Moreover, the bank is refusing to authorize local banks to offer crypto investment services.

Elvira Nabiullina

Elvira Nabiullina is the central bank governor. She has been openly speaking about the banks’ reluctance to deal with cryptocurrencies. She is focusing on a state-controlled digital ruble instead. Tumusov argued that reluctance would not change the situation.


It is better to adjust to reality and respond to the challenges of the time instead of struggling. The lawmaker noted that several countries worldwide offer clear tax laws and policies that allow the industry to develop. Unfortunately, this short-sightedness can be costly for Russia. Cryptocurrencies are the reality either we will accept it, or we will lose.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.