Russian central bank ‘short-sighted’ regarding crypto, lawmaker says.

Russian central bank ‘short-sighted’ regarding crypto, lawmaker says.

A long-time member of the Russian State Duma has criticized the central bank’s approach to digital assets.

A Russian State Duma member has blasted the central bank’s tough stance on the cryptocurrency industry for ignoring the growing demand for crypto in the country.

Fedot Tumusov, a member of the “A Just Russia” party representing the Siberian region of Yakutsk, has criticized the Bank of Russia’s approach to regulating the crypto industry following a Tuesday plenary meeting of the State Duma.

In a Tuesday Telegram post, Tumusov outlined the growing need to create an ecosystem that allows Russian residents to purchase cryptocurrencies like Bitcoin (BTC) amid increasing demand.

The official argued that despite Russia enforcing crypto legislation earlier this year, the Bank of Russia has been negligent, refusing to authorize local banks to offer crypto investment services.

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