The appropriate use of the Russian central bank is to create the money with which to finance public projects and to serve as lender of last resort to private Russian companies unable to obtain funding elsewhere.
The first deputy governor of the Russian Central Bank, Olga Skorobogatova, said that Blockchain technology is not yet mature enough to be used on an industrial scale.
The incompetent Russian central bank and neoliberal economists are part of the faction whose goal is to be part of the West regardless of its impact on Russian independence from Washington's Empire.
Neither Russia's central bank nor the Federal Financial Monitoring Service of the Russian Federation(Rosfinmonitoring) have responded to Izvestia for comment on whether they support the new amendment.
I would propose establishing of a unique, separate State Authority for National Infrastructure Development, independent of the Central Bank of Russia or of the Finance Ministry.
As a result, according to official figures released by the Russian Central Bank, the share of foreign currencies in the country's reserves over the same period fell from 90 to 87.5 percent.
In contrast to the Russian Central Bank's conservative stance on bitcoin and other virtual currencies, Olga said that the house was working on a business-friendly framework for these assets' integration.
Elvira Nabiullina, who took charge of Russia's Central Bank about three months ago, has set ambitious objectives- to target inflation and to stimulate growth by attracting investment.
The official economic policy today of the Central Bank of Russia with its absurdly high rates is to reduce an inflation rate of a mere 8% to its target of 4% through an explicit policy of budget austerity and consumption reduction.
To dramatize the situation, if President Putin will grant me Russian citizenship and allow me to appoint Michael Hudson and Nomi Prins as my deputies, I will take over the operation of the Russian central bank and put the West out of operation.
Especially interesting in this context looks the November statement of the first Deputy Chairman ofCentral Bank of Russia Ksenia Yudaeva, which stressed that the Central Bank of Russia can use the gold from its reserves to pay for imports, if needed.
Guido Mantega, the Brazilian finance minister, described the process as“currency wars” back in September 2010, and this week Alexei Ulyukayev, the first deputy chairman of the Russian central bank, resurrected the phrase to warn of another round of competitive devaluations.
The FSB sources also report that when Elvira Nabiullina, the head of the Russian central bank, was fired last week, all cellphones of central bank employees were confiscated and a huge stash of documents was seized.
Meanwhile, the deputy director of the Financial Market Development Department for Russia's central bank revealed that the bank had conducted an experimental Initial Coin Offering(ICO) that“ technically[…] was a success,” Cointelegraph reported Sep.
Elvira Nabiullina, Russia's central bank head, has said that though the bank is studying potential uses of stablecoins, it does not“assume that they will function as a means of payment and become a surrogate for money.”.
One of the first countermeasures adopted by the Russian Central Bank was a"temporary" increase of the Central Bank rate from 5.5 to 7 percent, aimed to"prevent inflation and financial stability risks," according to a statement from the bank..
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