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Russian Ministry of Finance official Ivan Chebeskov said the sanctions have increased Russia’s motivation to build its own infrastructure for the cryptocurrency market. In his speech at the International Banking Day conference, Chebeskov, the finance policy manager of the ministry, pointed out that it has become very difficult for Russians who invest in cryptocurrencies abroad to withdraw their money and convert it into fiat money.
“Russian citizenship raises concern among foreign regulators. . The funds are blocked, new accounts are not allowed to be opened.” The ministry official said, “Therefore, Russia’s motivation to create its own infrastructure for digital currencies is of course increasing.” He said. According to the Ministry of Finance, an increasing number of investors are willing to transfer their Coin s to Russia.
Cryptocurrencies have been the subject of discussion in Russia recently. The Central Bank has called for a ban on cryptocurrencies, citing a threat to the country’s financial system. On the other hand, the Ministry of Finance argued that it should be regulated
, taxed and not banned. It is known that Russian President Vladimir Putin is also in favor of the regulation of cryptocurrencies.