Russia’s Deputy Finance Minister calls cryptocurrencies “evil”

Alexey Moiseev said that the Central Bank has the same position

27.04.2023 - 14:00

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3 min

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.”

RBC’s material

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

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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.

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