According to reports, Russian Prime Minister Mikhail Mishustin has indicated that the Russian financial system is ready for Bitcoin and other cryptocurrency inclusion.
‘RBC.ru,’ a Russian news source, reports. Mikhail made the announcement Friday, March 25, at a meeting in the State Duma with members of the Liberal Democratic Party. The discussion, which focused mostly on Russia’s efforts to rebuild its economy after sanctions imposed in response to its invasion of Ukraine, saw the topic of cryptocurrency brought up.
According to a transcript obtained by ZyCrypto, the prime minister called for the integration of digital currencies into the country’s economy, noting that concerns surrounding cryptocurrency legislation might be resolved with the assistance of the Russian central bank. “Undoubtedly, such concerns can be handled only in collaboration with the Central Bank, which will examine the threats that cryptocurrencies pose to Russia’s money circulation,” Mishustin said.
Additionally, the Minister indicated that additional steps should be done to govern cryptocurrency mining in the nation.
“There are further intriguing projects. Specifically…the regulation of mining, the circulation of cryptocurrencies, the development of digital financial assets in general, and the growth of online commerce.” He said before commending the Ministry of Finance for the attention it has paid to the crypto mining business in the weeks after the government authorized the idea.
Despite Russia’s central bank’s stance on crypto mining, Putin expressed support for a plan to tax and control crypto mining in January, rejecting the central bank’s suggestion to abolish crypto assets entirely.
“We also have certain competitive advantages here, particularly in what is known as mining,” Putin was reported as saying at a meeting with government officials. “I’m referring to the country’s excess of power and well-trained workers.”
Russia, which ranks third in terms of worldwide hash rate after Kazakhstan and the United States, has significant excess power in some of its states, notably Karelia, Krasnoyarsk, and Irkutsk.
The Bank of Russia, which is actively advocating for a prohibition on banks and other financial market participants issuing private digital currencies, has also been tasked with surveying cryptocurrency operations in the country, identifying crypto wallet holders, and differentiating qualified and unqualified crypto wallet investors.