TL; Fault DR
- Russia will not prove any bitcoin ETF soon.
- The United States has a long way to go to pass the BTC ETF.
- Russia’s disagreement with the BTC ETF is in line with its anti-cryptocurrency position.
Russia has reiterated its tough stance on bitcoin and cryptocurrencies. The head of the Central Bank of Russia, Elvira Nabiulina, has said that the ETF bitcoin will not be accepted in the market.
The head of Russia’s central bank said they were not prepared to trade ETFs based on bitcoin futures.
Nabiolina asked him at a news conference after being asked by the RBC news portal whether Russia’s monetary policy-maker was following the example set by the US Securities and Exchange Commission (SEC) and listed the bit ETFs. Quinn allows in the country or not.
Bitcoin ETF in the United States
The first US Bitcoin futures were launched last week, allowing investors to buy and sell assets outside of digital currency exchanges.
These funds invest in bitcoin contracts or futures contracts to later buy or sell assets at an agreed price, rather than directly bitcoin. This allows trading through regular investment accounts and avoids the hassle and security concerns of cryptocurrency exchanges.
Bitcoin ETF approval in the United States comes almost a decade after companies sought to issue the first Bitcoin ETF in the United States.
Prior to the approval, the SEC rejected concerns about product visibility, lack of regulation, and the possibility of fraud and manipulation in the bitcoin market.
Everything is in the past now, because the global power of the Bitcoin ETF has been confirmed and the first one was launched last week.
Russia’s long-standing position on cryptography
Nabiolina’s negative response to the Bitcoin ETF approval is in line with the country’s anti-cryptography stance.
In July, Ouj Bank announced to Russian stock exchanges to refrain from trading financial instruments related to cryptocurrencies and their prices. Officials have warned that their list “will increase losses for people who do not have enough experience and knowledge.”
The CBR also said that asset managers should not place cryptocurrency assets in mutual funds. The CBR also urged brokers and trustees to refrain from providing “quasi-derivatives with such underlying assets to unqualified investors.”