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.
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.
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