A Crypto Expert is Wanted by the Russian Central Bank

The announcement by Russia's Central Bank that it wants to employ a "cryptocurrency" expert represents a significant about-face for the institution, which earlier this year advocated a blanket ban on everything cryptocurrency-related.

The Central Bank posted that it was seeking a "blockchain engineer" with experience in "cryptocurrency" on the Russian job-search website Headhunter (HH). The bank is looking to recruit a developer with one to three years of relevant expertise.

The winning applicant would be tasked with "creation of analytical materials," "consultation reports," and "proposals for legal revisions" to laws relating to "digital currencies, distributed ledger technology, decentralized finance, and digital financial assets," the bank added.

Crypto is frequently referred to as "digital financial assets" by Russian regulators and politicians.

Additionally, the new recruit will be expected to work on "pilot" initiatives.

The bank's stance on cryptocurrencies was, until recently, that it should be outright outlawed, similar to how it is in China, and that a digital ruble should be issued as soon as feasible.

However, the job description seems to indicate a potential shift from this rigid stance: People with knowledge of the Bitcoin, Ethereum, and Hyperledger Fabric blockchain protocols are especially wanted by the bank.

To Borrow a Page from Crypto, Will the Russian Central Bank?

The Central Bank continues to disagree with the pro-industry Ministry of Finance despite recent softening in its stance on cryptocurrencies.

The ministry seeks to regulate cryptocurrency and impose annual caps on the amount of money that individuals can spend on coins. Additionally, it intends to tax and authorize crypto mining. However, the Central Bank and its long-serving Governor Elvira Nabiullina have steadfastly refused, resulting in a deadlock that even President Vladimir Putin's direct intervention has been unable to break.

However, the bank has since made it clear that it is willing to make certain adjustments and would let select exporters sell their products and services in exchange for cryptocurrencies - as long as the coins "do not penetrate the Russian economic system." Additionally, the bank made it known that it might be willing to abandon its objection to commercial cryptocurrency mining.

However, employing a crypto expert may demonstrate that the bank is now ready to take things a step further and perhaps incorporate technological advancements from the realm of cryptocurrencies into its own operations.

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