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7 Apr, 2022 13:17

Russia outlines its crypto position

The use of digital currencies as a means of settlement will remain prohibited, PM Mishustin says
Russia outlines its crypto position

The Russian government fully supports the position of the Central Bank that cryptocurrencies cannot be considered legal tender in the country, but mining crypto can be discussed, Prime Minister Mikhail Mishustin said on Thursday in the State Duma.

“We are against the recognition of cryptocurrency as a means of payment or money,” Mishustin said, adding, “We also think that in order to stimulate investment, primarily in fixed capital, we can discuss mining issues, which includes the creation of data centers and related infrastructure.”

The regulation of cryptocurrencies has been the subject of heated debate in Russia for years, and digital tokens are still a gray area. The situation was further complicated by the stance of the Central Bank, which reportedly pushed for a blanket ban on cryptocurrencies.

Deputy Prime Minister Alexander Novak said last month that legalizing cryptocurrency mining and introducing legislation to make it a business activity in Russia would make more sense.

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