Anton Siluanov, the Russian Finance Minister, clarified how cryptocurrency will be used in the country's financial system when mining has become legal. Siluanov stated that international payments will be the primary use case for cryptocurrency.
The Finance Minister stated that Russia's cryptocurrency strategy focuses on international payments.
Russia is currently in the process of determining the country's strategy to leverage cryptocurrency obtained after legalizing mining activities. Anton Siluanov, the Russian Finance Minister, provided insight into the Russian government's thoughts on this issue.
In a speech titled 'A Strong Financial System of the Country: General Principles and Development Prospects,' Siluanov clarified that, in the spirit of the regulation signed by President Putin, cryptocurrencies should be used for international payments, as they help avoid the sanctions imposed by the Western world on the country.
"What do we use this cryptocurrency for? First and foremost, for external payments," he emphasized. Additionally, Siluanov stated:
Under current conditions, this is reasonable. And in terms of calculations – this is a good tool, in this regard, we will use them.
Siluanov had previously emphasized the importance of digital assets, explaining that the new payment system designed for BRICS will also consider digital assets as part of its structure.
Read more: Is the BRICS payment system a replacement for SWIFT? The network for deploying digital assets and financial messaging.
However, he dismissed the argument about cryptocurrency assets as an investment tool, warning about their appealing 'get-rich-quick' nature. "Some people see cryptocurrency as a quick source of money. I do not encourage that," he assessed. "As an investment medium – certainly not necessary, there are many other ways to invest and make money today," Siluanov concluded.
Siluanov's negative view of cryptocurrency as an investment contrasts with the recent approval of several instruments that make it easier for Wall Street investors to participate in the market. However, this shows Russia's vision focused on a single use case that could alleviate some Western pressure on Russia's payment rails.
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