Russian PM says national economy matured to adopt crypto

The prime minister of Russia admitted that the country is now in that economic situation where it can adopt cryptocurrencies easily.

Today is the 31st day of the Russia vs Ukraine war and at present, Ukraine and Russia are continuously standing at their point of view to remain alive on their own decision. In this situation, Russia is facing financial sanctions From US, UK, EU, and also from some other powers of the world, because of the Russian military invasions on Ukraine.

On 25 March, Russian news agency RBC.ru published a report on the statement of Russian Prime Minister Mikhail Mishustin about his meeting with the members of the Liberal Democratic Party in the State Duma. The main part of the meeting was to discuss the matter of Russia vs Ukraine and cryptocurrencies adoption.

Reportedly, the Prime minister said that the country can adopt cryptocurrencies like Bitcoin in its financial system, and also issues of the Russian Central Bank associated with cryptocurrencies can be resolved easily. 

“Undoubtedly, such issues can only be resolved jointly with the Central Bank to assess the risks that cryptocurrencies create for Russia’s money circulation.”

Minister also said that there is a huge need to take care of the crypto mining industry regulation, which was forbidden in the crypto bill of Russia, which was introduced on 1 January 2021. 

Overall, the Russian PM noted that the country needed not only adoption with perfect regulation but also needed to give a better portal to this industry to evolve. 

“There are other interesting initiatives as well. In particular…the issues of regulating mining, the circulation of cryptocurrency, digital financial assets in general, and the development of online commerce.”

Earlier this Energy Chief of Russia said that Russia-friendly countries should be allowed to use Bitcoin, Russian Ruble, or Turkish Lira to settle the payments for its oil sales, instead of using the US dollar as standard.

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