Regulation
Russian Finance Ministry employee calls crypto a “locomotive” for development
The Russian Finance Ministry, which in 2016 suggested imprisonment for Bitcoin trading, now claims that the crypto industry is a “locomotive” for Russia’s economic development.
RussiaRussia’s Finance Ministry sees the crypto industry as a driver of economic development, according to Russian state news agency TASS. reports, citing Ivan Chebeskov, director of the ministry’s financial policy department. Speaking at a crypto forum in Russia, Chebeskov highlighted the ministry’s long-standing efforts to establish a regulatory framework for the crypto market.
“At the Ministry of Finance, we have been working for many years to create appropriate regulations for the crypto market. It’s not just because it’s a task that falls to us; we sincerely believe that the crypto industry is a locomotive for the development of our economy, digital technologies and, above all, 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 crypto industry for several years, recognizing that many citizens hold various cryptocurrencies.
The latest statements represent a reversal from the ministry’s previous stance on crypto, particularly evident in its response prior to the imposition of Western sanctions on Russia. For example, in 2016, the ministry recommended for sentences of up to seven years in prison for Bitcoin trading and mining. This strict regulation was justified at the time by concerns about the competition that cryptocurrencies brought to the Russian ruble.
However, as Russia has found itself isolated from Western markets due to sanctions, the country has increasingly turned to crypto as a way to circumvent economic restrictions and engage with partners in Asia. Like crypto.news reported Earlier, two major Russian metal producers began using the stablecoin USDT for cross-border transactions with China, amid warnings from the US Treasury Department about applying sanctions against entities facilitating such evasion.