Bank of Russia is considering banning mutual funds from investing in BTC
The Bank of Russia is considering banning mutual funds from investing in bitcoin, and will also prevent contact with qualified or unauthorized investors, as we see today in the news about bitcoins.
The Central Bank of Russia continues its policy towards the crypto industry and has now banned mutual funds from investing in cryptocurrencies such as BTC. The Central Bank of Russia is considering banning these mutual funds from investing in BTC and has issued a press release, as well as regulating the possibilities of investing in mutual funds. Despite the constantly growing number of assets available for investment, the document prohibits fund managers from buying cryptocurrencies, as well as financial instruments, the value of which depends on the price of a digital asset.
The declaration states that mutual funds are not allowed to provide access to cryptocurrency to qualified or unauthorized investors. The Central Bank of Russia recommends that asset managers exclude cryptocurrencies from mutual funds, and, according to local authorities, no Russian mutual investment fund has anything to do with monetary electronics, although there has not yet been an official ban. Artem Deev, head of analytics at brokerage company AMarktes, says there is an industry-specific exchange-traded fund in Russia, and according to Deev, the fund is managed by the investment company BrokerCreditServices, which manages shares, for example, companies. Jack Dorsey Block, Broadcom and PayPal.
Russia’s largest bank, Sberbank, is planning to launch a blockchain-focused ETF, said Vasily Illarionov, head of asset management. The ETF will be called Blockchain Economy and will invest in blockchain-related stocks in the hopes of driving adoption. Illarionov noted that the funds are not subject to the restrictions of the Central Bank of the Russian Federation, which may be available to private investors. The central bank of Russia has taken a tough stance on cryptocurrencies, banning several large banks from providing crypto services on the grounds that these services do not serve the interests of public investors and can handle high risks.
In an interview with Russian media, the chairman of the committee, Alexander Bastrykin, said that the decentralized nature of the emission of digital currencies does not allow the state to fully control the region. Bastrykin argues that law enforcement agencies in some cases can use existing laws to confiscate and freeze coins from bank accounts, securities and funds as much as possible. Decentralization is a problem for agents and employees who are trying to do this, as government control forces them to seek help from crypto companies in special legal circumstances to transfer funds to wallets while the lawsuit continues.