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Russian Finance Ministry staff call cryptocurrencies a “locomotive” for development
The Russian Finance Ministry, which in 2016 recommended jailing Bitcoin traders, now says the cryptocurrency industry is a “locomotive” for Russia’s economic development.
RussiaThe Ministry of Finance sees the cryptocurrency industry as a driving force for economic development, according to Russian state news agency TASS relationships, quoting Ivan Chebeskov, director of the ministry’s financial policy department. Speaking at a cryptocurrency forum in Russia, Chebeskov highlighted the ministry’s long-standing efforts to establish a regulatory framework for the cryptocurrency market.
“We at the Ministry of Finance have been working for many years to create appropriate regulations for the cryptocurrency market. This is not just because it is a task we have; we sincerely believe that the cryptocurrency industry is a locomotive for the development of our economy, digital technologies and, above all, for the potential of our young people who are passionate and dedicated to these tasks”.
Ivan Chebeskov
Chebeskov noted that the ministry has been discussing comprehensive regulation of the cryptocurrency industry for several years, recognizing that many citizens hold various cryptocurrencies.
The latest statements represent a U-turn from the ministry’s previous stance on cryptocurrencies, particularly evident in its response before Western sanctions were imposed on Russia. For example, in 2016, the ministry supported for sentences of up to seven years in prison for trading and mining Bitcoin. That strict regulation was justified at the time by concerns about the competition posed by cryptocurrencies to the Russian ruble.
However, as Russia has found itself isolated from Western markets due to sanctions, the country has increasingly turned to cryptocurrencies as a way to circumvent economic restrictions and interact with Asian partners. Like crypto.news reported Previously, two major Russian metals producers began using the USDT stablecoin for cross-border transactions with China, despite warnings from the US Treasury Department about applying sanctions to entities facilitating such evasion.