Russia’s Deputy Finance Minister calls cryptocurrencies “evil”
Alexey Moiseev said that the Central Bank has the same position
27.04.2023 - 14:00
239
3 min
0
What’s new? Deputy Finance Minister of the Russian Federation Alexey Moiseev has advised citizens not to invest their savings in cryptocurrencies, as it is associated with high risks. He added that “crypto is generally evil,” but in some cases, it can be used, for example in foreign trade payments. The Central Bank holds a similar position, the official said at the RBC and NKR rating agency conference “Banks. Transformation. Economy. 2.0.”
What else did Moiseev say? Deputy Finance Minister does not deny that there are some situations where cryptocurrencies may be used. He noted that there are a number of advantages in such settlements, such as the absence of correspondent accounts and the possibility of lightning-fast transactions virtually without compliance in a number of countries.
In this, Moiseev said that “the use of digital assets to circumvent sanctions is an illusion,” as transactions in most popular cryptocurrencies are viewed by financial intelligence agencies of all countries.
Russia’s average amount of crypto investments for 2022 was 17 500 RUB
The direction is in fourth place in popularity after deposits, securities, e-wallets, and NPFs
In March, Moiseev proposed that miners be required to report their income to the tax authorities. If violated, they could face up to four years in prison. Earlier, Moiseev explained the delay in the adoption of the draft law on mining by the disagreement of the Ministry with the Central Bank and law enforcement agencies.
In April, analysts estimated that the demand for cryptocurrencies for FEA in Russia could reach $50 billion. At the same time, more than half of the country’s citizens consider digital currencies a dangerous and risky tool for investment.
Useful material?
Market
Funds can be seized by law enforcers due to links to illegal activity
Apr 26, 2024
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024
Business
The rate exchange of the native ACH token reacted with a 10% increase
Apr 18, 2024
Market
Miners are hunting for the first block after halving as the value of the first satoshi could exceed $1 million
Apr 18, 2024
Market
The platform will be non-custodial and accessible to everyone
Apr 15, 2024