Russian Central Bank Head: Cryptocurrency Fever ‘Beginning to Disappear’

Russian Central Bank Head: Cryptocurrency Fever ‘Beginning to Disappear’

Cryptocurrency News
October 19, 2018 by Jane
1160
Russian economist and head of the Russian Central Bank, Elvira Nabiullina, claimed that investors’ excitement toward cryptocurrency has begun to cool off. While talking to the Russian news agency RIA Novosti at FINOPOLIS innovative financial technology forum, Elvira Nabiullina, outlined why she believes enthusiasm in crypto is gradually fading. According to Elvira, investors are now less enthusiastic
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Russian economist and head of the Russian Central Bank, Elvira Nabiullina, claimed that investors’ excitement toward cryptocurrency has begun to cool off.

While talking to the Russian news agency RIA Novosti at FINOPOLIS innovative financial technology forum, Elvira Nabiullina, outlined why she believes enthusiasm in crypto is gradually fading.

According to Elvira, investors are now less enthusiastic about cryptocurrencies after witnessing the failure of the majority of blockchain projects and their ICOs.

The central bank head also noted that entrepreneurs are now seeking ways to implement blockchain in their business. For instance, Nabiullina mentioned Initial Coin Offerings (ICO), considering them to be “a perfect method to raise funds.” However, she added that the fundraising method is poorly protected from fraud.

Despite the conservative stance taken by the central bank, major Russian banks are reportedly interested in working with crypto assets.

According to local sources familiar with the matter, representatives from Russian banks even organized a private round-table to learn more about crypto-related legislation in Japan, Luxembourg, and Singapore and how to adapt it to the Russian space.

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