January 25th 2022 - Russia FUD Ends... For Now

Ivan Chebeskov, director of Financial Policy Department within Russian Ministry of Finance, recently stated that his government intends to “regulate cryptocurrencies instead of banning them”. Chebeskov further said that any discussion of cryptocurrencies should look at “full breadth of technologies” and that Russia simply “can’t afford to ban high-tech industry just like that”. Regulations that Russian government is going to apply are intended to “protect investors and citizens that own cryptocurrencies”.

This statement is clearly different than the proposal that came from Central Bank of Russia a week ago, and which was widely interpreted as start of complete ban of cryptocurrency in the country, which would include not only ban on cryptocurrency mining, but also ban on owning cryptocurrencies. News about upcoming Russian cryptocurrency ban have, just like in the case of China ban few months ago (which actually went forward), began triggering massive selloff of Bitcoin and other cryptocurrencies and led to generally bearish sentiment that continues to this day.

So, Russia is not going to ban cryptocurrencies, at least not for now. The FUD that came with the Central Bank proposal can be interpreted either as a way to make future and drastic crypto regulations more acceptable to the Russian public by presenting it as more tolerable alternative. And Central Bank position made some sort of sense with the increased war tensions over Ukraine and prospect on new and crippling US-led sanctions that could make Russian citizens extract as much of their personal wealth outside the country via cryptocurrencies, something that Putin’s government is trying to prevent.

New, more crypto-friendly position of Russian government comes in the moment when war tensions appear to be subsiding and price of Bitcoin and other cryptocurrencies seem to recover a bit. Whether this is sign that the worst is over for markets and crypto holders still remains to be seen.

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