Russian PM backs central bank stance on crypto ban, may consider mining

The conflict between the Russian Finance Ministry and the central bank is likely settled after Russian prime minister Mikhail Mishustin sided with the central bank’s views towards crypto assets.

The minister has confirmed that the country is still against the use of cryptocurrencies as a payment method, per a report by state-backed news outlet RT. However, Russia may still consider adopting and encouraging crypto mining in the country. Mishustin reportedly said in a statement:

“We are against the recognition of cryptocurrency as a means of payment or money. We also think that in order to stimulate investment, primarily in fixed capital, we can discuss mining issues, which includes the creation of data centers and related infrastructure.”

The statements are in contrast to the ones made by the PM in late March of this year. At the time, he deemed it necessary to incorporate cryptocurrencies into Russia’s financial system.

Russia may well encourage the creation of a crypto mining infrastructure in the country, especially since the country’s president is bullish on the industry. Earlier this year, Russian President Vladimir Putin cited competitive advantages, such as electricity and manpower surplus, that the country could utilize if it chooses to enforce mining-friendly regulations.

The news comes on the same day as the European Union imposed fresh crypto-related sanctions against the country. In an attempt to close potential loopholes, the EU has banned the provision of high-value crypto-asset services to Russia.

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