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Rating agency Fitch warns Russia against hasty crypto ban

 


A ban could significantly hamper innovation from the crypto industry, which could be detrimental to the Russian financial system in the long term.


The influential rating agency Fitch published a comment on the planned crypto ban in Russia yesterday, Friday . While the rating agency agrees with the Central Bank of Russia's idea that a ban will minimize the risks posed by cryptocurrencies to the Russian financial system, the rating agency warns that such drastic action "could cripple technological innovation and, by extension, productivity."


Fitch also points out:


“Let's assume that the ban limits the progress of crypto innovations, such as improving the speed and security of payment transactions. In this respect, the Russian banking system could then be weakened in the long run compared to other countries.”

In this context, Fitch also points to the plans for Russia's planned central bank digital currency (CBDC), because the digital ruble "improves the central bank's ability to monitor and control certain flows of money that would otherwise be mined by cryptocurrencies". The rating agency even suspects that the ban on the latter is also a deliberate measure to limit competition with its own digital currency .


Similar to India, plans for crypto regulation in Russia have recently fluctuated greatly. Politicians and governments in both countries are talking about bans and then again about draft laws for a regular integration of the asset class. Even former Russian President Dmitry Medvedev is not keen on the idea of ​​an outright ban:


"Put very simply, if you try to ban something, it often provokes a backlash. However, the central bank also has its own motivations, which we all know.”

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