A Restrictive Stance on Cryptocurrencies

Despite the growing fascination with cryptocurrencies like Bitcoin among Russian officials, it seems that the government’s regulatory stance is anything but friendly. Dmitry Marinichev, who holds the esteemed title of Russia’s internet ombudsman, recently made it clear that the nation will continue to adopt a prohibitive approach to crypto.

Pleading the Ruble

Marinichev stated unequivocally, “I’m sure that Russian crypto policies will always be prohibitive.” Why, you may ask? Well, it appears the government isn’t keen on its citizens cashing in on the crypto boom. Instead, they prefer Russian rubles to remain the sole currency in use—think of it as a love story gone bad, where crypto plays the heartbreaker.

Why the Restriction?

Marinichev’s comments came during a panel discussion at Blockchain Life 2021, highlighting how laws like the “On Digital Financial Assets” (DFA) primarily cater to big businesses rather than the little guy or the casual crypto enthusiast. As he put it, “The DFA law only targets big companies and has nothing to do with the industry.” Big business, not individual investors, remains the muse of Russian lawmakers.

Mining Blues: Too Cold for Crypto?

In addition to regulatory red tape, Marinichev offered an unexpected twist—a take on Russia’s energy landscape. Contrary to popular belief that Russia’s near-endless energy supplies would make it a paradise for crypto miners, he bluntly stated that the country’s energy prices are not competitive. He remarked that electricity in the United States boasts the title of the “cheapest electricity” in the world.

The Great Mining Debate

• Marinichev suggested using local energy resources for crypto mining, but that idea didn’t catch fire.
• Local governments appear to be interested, with some ministries proposing Bitcoin mining alongside gas extraction.

Growing Skepticism Among Officials

While local governments wrestle with ideas about mining opportunities, the central government maintains an air of skepticism, especially regarding its residents’ participation in cryptocurrencies. The Bank of Russia has even expressed intentions to obstruct specific transactions to crypto exchanges—indicating that the ban hammer is always within reach.

The Future: A Glimpse Ahead

It’s a curious case: the zeal among authorities to engage with cryptocurrency combined with a severe lack of support for individuals who might wish to dive into the digital treasure hunt. This duality suggests a future where big firms lead the charge, while the average Russian watches from the sidelines, eager yet constrained by regulations that aim to keep Bitcoin firmly out of reach.