In recent years, Russia has shown conflicting attitudes towards cryptocurrencies. In 2020, President Vladimir Putin signed a regulation allowing crypto transactions but prohibiting the use of crypto as a means of payment. The Russian central bank released a consultation paper in February 2022, calling for a ban on the creation of cryptocurrencies and crypto exchanges, as well as the monitoring of Russian citizens' activity on foreign cryptocurrency platforms. However, despite these recommendations, the Kremlin has taken a more favorable approach to crypto. Finance Minister Anton Siluanov revealed that Russian companies are increasingly using Bitcoin for international trade, and Putin has signed legislation legalizing the limited use of crypto for this purpose. The need to bypass sanctions is one reason for the friendlier approach, but another is Putin's interest in de-dollarization and the potential harm to the US dollar caused by Bitcoinization. The support of sanctioned tycoons, such as Oleg Deripaska, who has turned an aluminum factory into a mining farm, may also have influenced the government's stance. However, it is still uncertain what direction Russia's relationship with cryptocurrency will take in the future.



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