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The time has come to integrate BTC into the economy, says Russian Prime Minister

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Russian Prime Minister Mikhail Mishustin stated his stance in favor of BTC and cryptocurrencies during a meeting with members of the Liberal Democratic Party.

Russian Prime Minister wants to integrate BTC into the economy 

While Mishustin’s statement is not an official position of the Russian Government, support for cryptocurrencies from high-ranking Russians has been increasing since the invasion of Ukraine.

Mishustin, for example, highlighted that the time has come to integrate cryptocurrencies into the economy of his country, which is why he considers it necessary to activate the mechanisms that allow the circulation of digital currencies in the Russian financial system.

Mishustin’s comments come just days after the head of Russia’s Energy Committee, Pavel Zavalny, admitted that there is a possibility for the country to accept cryptocurrencies for the sale of energy resources such as gas and oil.

“We have been offering China for some time to switch to transactions in national currencies such as the ruble and renminbi. With Turkey, that would be the Lira and the Ruble. Currency sets may be different; it is common practice. If it was necessary to trade with BTC, we would,” Zavalny said.

Although Zalvany’s position is not official, the Prime Minister’s support seems to confirm that there is renewed interest from the Russian government in cryptocurrencies.

Russia is increasingly building a position in favor of crypto-assets and digital currencies. Recently, the Russian central bank granted one of the largest banks in the country, Sberbank, a license to issue and exchange cryptocurrencies.

The ongoing plan, according to the Ministry of Finance, is for all cryptocurrency transactions to be carried out through Russian banks, to which exchanges must report.

Furthermore, all organizations operating with BTC will have to apply KYC and hand over user data to the government. The latter, in turn, is drafting a regulation that will give the State unrestricted control over the market.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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