Russia’s Finance Ministry called sanctions an incentive for the development of the crypto market in Russia

Due to Western restrictions, Russians cannot trade on many foreign crypto exchanges, the department noted

01.04.2022 - 08:45

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What’s new? The Russian Ministry of Finance believes that Western sanctions serve as an additional source of motivation for the development of the crypto market inside the country. Director of the Finance Ministry’s Financial Policy Department Ivan Chebeskov noted that due to the restrictions, Russians are experiencing difficulties withdrawing funds from foreign crypto exchanges, TASS reports.

TASS’s material

What else did the Ministry of Finance say? The ministry believes that Russian citizens have a desire to make their assets “down-to-earth” in Russia.

“Now Russian citizenship is causing concern among regulators of foreign countries, money is being blocked, new accounts are not being opened, and so on,” Chebeskov stated.

Creating its own infrastructure will not only be about withdrawals but also about transactions, the director of the Financial Policy Department stressed.

What had happened before? The US Treasury warned crypto exchanges against helping Russia. The US authorities claim that they will be able to trace all platforms that help individuals on the sanctions lists. The EU also plans to introduce new restrictions against digital assets for Russians. The MetaMask cryptocurrency wallet has already supported sanctions against Russia, while exchanges such as Kuna, WhiteBIT, and CEX.io have completely blocked users from the Russian Federation.

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