Discussions on crypto money continue in Russia, which was excluded from the global financial system as a result of its invasion of Ukraine.
According to the latest media reports, Russian Deputy Finance Minister Alexei Moiseev spoke at a conference organized for the banking sector. Moiseev claimed that cryptocurrencies are "a bad thing" if they are used outside of import and export.
The Deputy Minister emphasized that they are working on a draft law so that Russian industrialists can use cryptocurrencies in their foreign trade. If the new bill becomes official, it is expected that the Central Bank or a ministry will issue a license to use digital money to institutions and individuals.
Will Russia Really Adopt Crypto?
However, the new cryptocurrency regulation seems to be a word for now. Officials pointing to January for legal regulation in 2022 are now making statements that the work will end at the end of the year.
Some government officials, speaking to the press last year, even gave the green light to the sale of natural gas with Bitcoin. However, this attitude has changed over time.
Countries' own currencies are considered one of the biggest indicators of their national sovereignty. In Russia, which has adopted an authoritarian management approach under the leadership of Putin, it seems unlikely that a crypto money regulation will be easily accessible by individuals.