Summary
TLDR: Russia’s Finance Minister Anton Siluanov opposes an outright ban on crypto and emphasizes the need for regulation over restriction. The government is exploring the practicalities of using cryptocurrencies for domestic and international settlements, with an emphasis on balancing innovation and fiscal oversight. Discussions include the potential use of mining for settlements, with support from the Bank of Russia. Regulatory advancements could lead to significant economic benefits, including increased tax revenues from industrial mining.
Key Points
1. Russia’s Finance Minister Anton Siluanov opposes a complete ban on cryptocurrencies and emphasizes the need for regulation over restriction.
2. The Ministry of Finance and the Bank of Russia are engaging in discussions regarding the practical use of cryptocurrencies for domestic and international settlements.
3. There is a growing interest in leveraging cryptocurrencies for external payments, with potential benefits including generating liquidity for foreign trade settlements and increased tax revenues from industrial mining.