Russia's Finance Ministry Warns of Cryptocurrency Risks, But Sees Some Benefits
(MENAFN) In a recent statement, Russia’s Finance Ministry warned against the risks associated with investing in cryptocurrencies, while also acknowledging their potential usefulness in certain situations. Deputy Finance Minister Aleksey Moiseev went as far as to describe cryptocurrencies as "an evil," indicating that the bank of Russia shares this view. Moiseev did, however, acknowledge that there are specific scenarios in which digital currencies could prove useful, including those involving foreign trade.
According to Moiseev, cryptocurrencies have several benefits that should be taken advantage of, such as no correspondent accounts, instant transactions, and a lack of compliance procedures. However, he also noted that these benefits cannot be used to circumvent sanctions, as transactions conducted with the most popular cryptocurrencies are monitored by financial intelligence agencies across all countries.
Moiseev's comments were made in the context of the difficulties that Russian importers and exporters have faced in recent years due to Western sanctions. These sanctions have essentially cut off many Russian businesses from the international banking system, resulting in a "colossal number of difficulties" for those trying to carry out transactions. In light of this, Moiseev suggested that Russian companies should be able to use "any available non-criminal" means to conduct foreign trade, including digital currencies.
Overall, the Russian government is seeking to remove as many barriers as possible for its businesses, and has begun to employ measures that were previously "unthinkable." While cryptocurrencies may not be a solution to all of Russia's challenges in the realm of foreign trade, they could prove to be a useful tool in specific circumstances.
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