The Finance Minister of Russia, Anton Siluanov, announced that Bitcoin will be free of restrictions. The announcement comes as a stark contrast to the country’s recent stance on cryptocurrency. Russia is known for its opposition to Bitcoin and its concept. However, a Russian news agency reports that the Central Bank of Russia is currently working towards using Bitcoin and cryptocurrencies for international trade.
The Central Bank of Russia has been reportedly working on a way to use crypto for international settlements. This comes despite the country’s tough stance on cryptocurrencies. Elvira Nabiullina revealed that the bank would create special organizations that could mine crypto. Moreover, she stated that they would then use it to settle payments with foreign entities. For your information, Nabiullina is the head of Russia’s central bank.
Initially, only organizations affiliated with the state would be allowed to use crypto for such settlements. According to Central Bank Deputy Chairman Alexei Guznov, private companies may be allowed to do so in the future.
If true, this announcement is significant because it signals a change in Russia’s approach to cryptocurrencies. In February 2022, Russia’s finance ministry suggested that crypto should not be granted currency status. This suggestion was later included in a draft law presented to the country’s parliament at the time. Some months later, President Vladimir Putin signed a bill to reinforce the already-existing crypto ban.
However, despite these restrictions, Russian government officials had been discussing the possibility of allowing the use of crypto. These discussions were mainly prompted by the international sanctions imposed on Russia after its invasion of Ukraine. Alexei Moiseev also stressed the need to legalize cross-border settlements in cryptocurrencies.
Crypto Twitter Is Concerned This Is Russian Propaganda
The Finance Minister’s announcement is likely to be met with enthusiasm by the crypto community. However, it is worth noting that the Bank of Russia continues to oppose legalizing crypto exchanges and crypto payments within Russia.
Having such contradicting views in regard to cryptocurrencies has left crypto Twitter with doubts about the credibility of this recent news. Some Twitter users are claiming that all this “pro-crypto” news from Russia could be propaganda from Russia itself. While there are major crypto news outlets reporting on the announcement, they are failing to provide a source for these claims.
If true, the move by the Finance Minister could potentially pave the way for other countries to adopt a more innovative approach to Bitcoin. However, it remains to be seen how the Russian government will react to the announcement. Moreover, it remains to be seen if these statements are supported by Russia’s government in the first place.