The Russian government and the Bank of Russia have finally come to an agreement: cryptocurrencies will be recognised as a real currency, and will not be regarded as digital financial assets. This is what the Russian newspaper Kommersant reports. The bank received a storm of criticism. Even big Russian names became involved. Pavel Durov, the maker of Telegram, was afraid that the ban would destroy certain sectors of the ‘high-tech economy’.
The Russian central bank wanted a complete ban on crypto since a few weeks. They released a report on digital currencies called: ‘Cryptocurrencies: trends, risks, measures.’ The bank thought that crypto was endangering the financial stability of the country. According to the Russian central bank, the solution was to not allow commercial banks and other financial institutions to make crypto transactions.
Former Russian President Dmitry Medvedev said that banning crypto would have the opposite effect: “I now have a rather advantageous position in this sense: I believe that representatives of the Central Bank and the Government of the Russian Federation will deal with this successfully.