Russia's Finance Ministry Opposes Central Bank Call for Crypto Ban

The ministry believes Russia needs regulation, not a blanket ban, an official said.

AccessTimeIconJan 25, 2022 at 2:31 p.m. UTC
Updated May 11, 2023 at 6:15 p.m. UTC

Russia needs to regulate cryptocurrencies, not ban them, according to the head of the financial policy department at Russia's Ministry of Finance, Ivan Chebeskov.

Chebeskov said the ministry opposes the stance of the Bank of Russia, which earlier this month issued a report calling for a full ban on cryptocurrency trading and mining. Chebeskov spoke during a conference on cryptocurrencies held by Russian publication RBK on Tuesday.

"We need to regulate, not ban," Chebeskov said "Regulation is sufficient to protect our citizens."

The Ministry of Finance has prepared a set of proposals and is waiting for the government to evaluate it, he said. Banning crypto transactions and mining would mean undermining the industry's technological development, Chebeskov said. "We need to let these technologies develop."

The Bank of Russia's report on cryptocurrencies called them a threat to the country's economic stability. The report suggested banning cryptocurrency trading and mining, as well as introducing a punishment for violating the already existing ban on using crypto for payments in Russia. The bank is waiting for feedback on the report until March 1.

Bloomberg reported that Bank of Russia Governor Elvira Nabiullina was successfully lobbied by the FSB, Russia's powerful security service, which had been concerned by the use of cryptocurrencies by members of the political opposition in Russia.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Anna Baydakova

Anna Baydakova was CoinDesk's investigative reporter with a special focus on Eastern Europe and Russia. Anna owns BTC and an NFT.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.