Elvira Nabiullina, the President of the Central Bank of Russia, re-elected, hints at loosening restrictions on digital assets to attract capital.

The Russian Central Bank Governor Elvira Nabiullina, who has always been against cryptocurrencies, has changed her tough stance and now acknowledges that the Central Bank of Russia needs to relax strict restrictions on digital assets. She is concerned that without a more lenient approach to digital assets, it will be difficult to attract funds and sustain the economy.

The Russian State Duma reaffirmed Elvira Nabiullina as the head of the Central Bank of Russia on the 21st, marking her third nomination and reappointment since assuming the position in 2013, with a term of 5 years. Elvira Nabiullina acknowledged that the Central Bank of Russia had taken a too tough stance on digital assets in the past and should reconsider its position.

During an official meeting in the Duma, Elvira Nabiullina mentioned that Russia has taken many measures to help the government mitigate the impact of large-scale Western sanctions on the Russian economy.

There have been criticisms within Russia that Elvira Nabiullina's policy of combating inflation by raising interest rates to 20% has led to a halt in lending. Elvira Nabiullina stated, "Fighting inflation is the most important task and should not be secondary. " She explained that the central bank's monetary policy should be balanced and should not resort to printing money as a solution.

According to a report by Cointelegraph, Elvira Nabiullina mentioned that as part of government measures to sustain the economy, Russian banks are working to incorporate digital financial assets. She indicated that the central bank may reconsider its tough stance on digital assets: "We need to see if we are too tense and relax these digital financial asset projects, as digital financial assets can be another channel to attract funds."

In her testimony, Elvira Nabiullina discussed the Russian Central Bank's digital currency (CBDC), stating that the digital ruble will undergo its first real settlement in 2023.

"Of course, we want to use the [digital ruble] for international settlements. ... Russia is in a leading position in the development of central bank digital currencies, second only to China."

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