May 25, 2022

Mishustin estimated the amount in crypto wallets of 10 million Russians at 10 trillion rubles.

The Prime Minister confirmed that the government opposes the recognition of cryptocurrencies as means of payment.

More than 10 million Russians have already opened crypto wallets, Russian Prime Minister Mikhail Mishustin said during his speech at the State Duma (broadcast on the website of the parliament).

“More than 10 million young people have opened crypto wallets today, to which significant funds have already been transferred, exceeding, according to various estimates, 10 trillion rubles,” the Prime Minister noted.

He called cryptocurrencies “not just a tool”,which must be treated with care. Mishustin stressed that the government, like the Central Bank, opposes the recognition of cryptocurrencies as a means of payment. At the same time, the Prime Minister pointed out the need to take into account all the nuances in the legislation when developing regulation of the circulation of digital assets.

“In order to stimulate investment, primarily in fixed capital, we can discuss mining issues, this is the creation of data centers and related infrastructure,” Mishustin said.

Formerly First Deputy Chairman of the Central Bank KseniaYudaeva called cryptocurrencies a highly speculative instrument, which is actually a financial pyramid. She warned that legalization could lead to citizens actively investing in cryptocurrencies.

On February 18, the Central Bank prepared a bill to bancryptocurrencies. On the same day, the Ministry of Finance began public discussions on an alternative bill that introduces regulation of operations with digital assets. In March, Russian Prime Minister Mikhail Mishustin stressed the need to integrate digital currencies into the country's economy, but noted that such issues should be addressed together with the Central Bank.

According to the bill of the Ministry of Finance, foreigncrypto exchanges will need to register to work in Russia. All transactions related to the purchase or sale of cryptocurrency will be allowed only if the client is identified. In turn, the deposit and withdrawal of cryptocurrency will be possible only through banks using a bank account. At the same time, the use of digital currency as a means of payment in Russia will continue to be prohibited.