Russia’s Finance Minister believes banks should be allowed to sell cryptocurrencies

Russia's Finance Minister believes banks should be allowed to sell cryptocurrencies

Russian Finance Minister Anton Siluanov believes that local banks should have a universal license to sell and deposit cryptocurrencies. This sentence directly opposes the recommendations coming from the central bank.

Russian doublespeak

According to a report presented on February 3, Russian Finance Minister Anton Siluanov is in favor of universal access to cryptocurrencies for the Russian community. In a letter addressed to Prime Minister Mikhail Mishustin, he suggests providing banks with the ability to provide services based on crypto assets. He also noted that cryptocurrencies should be treated like precious metals such as gold or silver. Depending on the specifics of the banks’ business, national licenses would be available for this purpose. Unlicensed companies would not be allowed to provide services in this regard.

He also noted that Russian investors already hold crypto assets worth a total of $26 billion. By contrast, according to a report provided by the Russian government a week earlier, these amounts are as high as $215 billion, or 12% of the total market value.

It is interesting to note that at the same time the Russian central bank is preaching a different view. It is calling for a complete ban on trading and holding crypto assets. The bank has suggested that cryptocurrencies are financial pyramids that threaten the financial stability of the country. The only aspect in which both voices agree is that cryptocurrencies cannot be made legal tender.

Vladimir Putin also spoke out

The attitude of the central bank was opposed by Vladimir Putin himself. He indicated that Russia may benefit from cryptocurrency mining. A member of the Ministry of Finance, Ivan Chebeskov, also spoke in favor of regulations instead of bans. These are two very important sentences in the context of the further development of the situation of cryptocurrencies in the largest country in the world.

This is very good news!

With the uncertainty that has prevailed in Russia in recent days, these kinds of words are a very bullish signal for the market. About a week earlier, citizens of this country were threatened with a complete ban on owning cryptocurrencies. Today, the voices on their side are increasing. And these are very significant voices. Bitcoin and altcoins available in Russian banks, is also a bullish signal in the context of global adoption.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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