Bitcoin ban in Russia – Central bank disavowed by Ministry of Finance

Forbidden to ban – So Russia will probably not follow in the footsteps of China, which had decided to ban Bitcoin and cryptocurrencies from its territory. The country’s institutions do not speak with one voice, good news for bitcoin (BTC), a defeat for the Russian central bank.
Ban on bitcoin and cryptocurrencies: no way, on pain of technological backwardness!

Ivan Chebeskov, director of financial policy in the Ministry of Finance in Russia, decided to put out the fire lit by the Bank of Russia, which advocated a total ban on mining and trading of cryptocurrencies.

At the January 25, 2022 crypto conference of the Russian central bank, Ivan Chebeskov actually indicated that he was more in favor of regulating cryptocurrencies rather than banning them.

“We must give these technologies the opportunity to develop. In this regard, the Ministry of Finance is actively involved in the development of legislative initiatives in terms of regulation of this market.”

In particular, he mentioned the disadvantages caused by an outright ban on trading and mining cryptocurrencies. Such restrictions would, according to him, put Russia behind the technology industry globally.

Ivan Chebeskov is known for his stance in favor of crypto-currencies, which he has defended in the past. His background actually includes a stint in Texas, a pro-bitcoin state where he studied.

Ivan Chebeskov is thus taking the pressure off the central bank on the private sector. Telegram CEO Pavel Durov had expressed his opposition to a strict outright restriction on cryptocurrencies. He believed that the ban brandished by the Russian central bank would “destroy a number of sectors of the high-tech economy.”

Ivan Chebeskov is not the only politician in the country to have called the central bank to reason. Vladimir Gutenev, chairman of the State Duma’s Committee on Industry and Trade, had also defended cryptocurrency mining and stablecoins backed by physical gold for obviously economic interests.

Russia continues to have a complicated relationship with crypto-currencies. The central bank seems to be well insulated for the moment in its desire to chase crypto-currencies out of the country.

While big crypto maneuvers are being executed across the globe, get your own investment strategy in place! To help you do so, an exceptional offer is waiting for you: up to 100€ in cryptocurrencies offered when you register on the Swissborg platform (affiliate link, for a minimum deposit of 50€)