Russia Sees Crypto As ‘Necessary Evil’

Deputy Finance Minister Aleksey Moiseev said that he and the Bank of Russia see crypto as a ‘necessary evil’.

Russia’s Finance Ministry has warned about the dangers of investing in cryptocurrencies, although it acknowledged that digital assets could be useful in certain situations.

Deputy Finance Minister Aleksey Moiseev described cryptocurrencies as “an evil,” adding that the Bank of Russia shares a similar view.

“Crypto as a whole, of course, is an evil, and I believe that people who invest their savings in it are very much at risk… But there may be specific situations where crypto may be useful,” Moiseev told a banking conference in Moscow.

Digital currencies have a set of benefits such as no correspondent accounts, instant transactions and practically no compliance procedures, and these benefits should be taken advantage of, for example, in foreign trade, the deputy minister suggested.

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Cryptocurrencies cannot be used to circumvent sanctions, however, as transactions carried out in the most popular coins are monitored by financial intelligence in all countries, he added.

Due to the economic separation between Russia and the West resulting from the invasion of Ukraine, Russia is developing special institutions to mine and transfer crypto across borders.

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