Deputy Minister of Finance of Russia Admits Crypto is Evil But Says It Can Be a Tool for Foreign Trade

Liputan6.com, Jakarta Russian Deputy Finance Minister Alexey Moiseev told an economic forum in Moscow, Crypto assets may be evil, but they can be used in certain scenarios.

“Of course, crypto is generally evil. I believe people who invest their savings there are taking a very large risk, but there may be individual situations where crypto can be used,” said Moiseev, quoted from Bitcoin.com, Tuesday (2/5/2023).

Moiseev made it clear he was referring to Russia’s foreign trade activities, which are currently curtailed by Western sanctions.

He also reminded that a bill designed to regulate the issue is still being considered in the State Duma, the lower house of Russia’s parliament.

“We will experiment. If the bill is adopted, a certain committee will be created, including representatives of a number of ministries, the Bank of Russia and law enforcement agencies, which will give permission to individual operators to use cryptocurrencies in foreign trade transactions,” explained Moiseev.

Alexey Moiseev suggested the legislative process needed to provide a legal basis for the trial would likely be postponed until the end of the year.

Government officials and lawmakers have debated various aspects of Russia’s approach to regulation cryptocurrencies for some time.

Differences between the Russian Ministry of Finance, with its more liberal views on the matter, and the Central Bank of Russia, which maintains a somewhat conservative stance on crypto regulation, hindered progress for months.

However, as sanctions pressure against Russia increased after the invasion of Ukraine, they agreed it was impossible to do without cross-border settlements in cryptocurrencies, as Moiseev revealed in September last year.

At the same time, most state institutions are now opposed to the legalization of transactions with decentralized cryptocurrencies such as bitcoin in Russia, except for the purpose of facilitating international payments under a special legal regime which has yet to be established.