Russian Finance Minister Yet to Embrace Cryptocurrency Wallet

Anton Siluanov, Russia’s Finance Minister, has expressed interest in acquiring cryptocurrencies but has yet to take any steps in that direction. The official made this statement in an interview with the television channel Russia-24. 

“I’m interested, but I don’t have a crypto wallet,” he said.

Previously, Siluanov highlighted volatility as the main risk of using cryptocurrencies as a savings tool. However, he praised their potential for transactions.

Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, also does not hold savings in digital currencies, as he told Parliamentary Newspaper. 

“When it comes to cryptocurrency as a means of saving, I personally do not use it for that purpose and do not recommend it due to its high volatility,” the deputy stated. 

He added that the Central Bank is preparing regulations for the first official international crypto payments. 

In Russia, a law came into effect on September 1, allowing foreign trade settlements and cryptocurrency exchange trading under experimental legal regimes. 

The Central Bank plans to conduct the first cross-border payments by the end of 2024. Central Bank head Elvira Nabiullina described cryptocurrencies as an “alternative payment channel” with foreign partners, whose transactions have been affected by sanctions.