As a reminder, the position of the Central Bank was announced at the end of last week. In general, representatives of the financial institution proposed to ban the circulation of coins on the territory of the state using local infrastructure and at the same time - mining of cryptocurrencies. At the same time, citizens were not banned from owning coins on foreign platforms like cryptocurrency exchanges.

This stance has raised doubts. Firstly, a hostile approach to digital assets in the current realities of the economy looks strange, as historically coins have generated very good returns. Secondly, it is almost impossible to implement such guidelines. After all, all home miners cannot be tracked, and it is simply not feasible to ban blockchain transactions.

What will happen to cryptocurrencies in Russia?

According to Chebeskov, radical restrictions on cryptocurrencies will deprive the country of many advantages in competing for innovation. Here is one of his quotes published by Meduza.

Of course, in my opinion, we need to regulate, not ban. Regulation will just provide the kind of transparency that will ensure the protection of citizens.

That is, the expert believes that banning interactions with digital assets will not protect the country's residents from possible fraudsters or simply a market crash. But if the sphere is regulated by clear rules and regulations, it will create a more favourable environment for the entire industry and its users, because in this case there will be significantly more users.

Ivan Chebeskov, Director of Financial Policy Department of the Russian Ministry of Finance

Recall that such a point of view was previously expressed by Pavel Durov, the founder of Telegram, and Leonid Volkov, one of the leaders of oppositionist Alexei Navalny’s team. This position is quite logical – a complete ban on cryptocurrencies will force many ordinary crypto-investors and miscreants to shift their financial flows into the shadows. Consequently, it will become even more difficult for the state and the government to monitor possible incidents of illegal use of digital assets.

Given Chebeskov’s stance, there is a possibility that the Ministry of Finance will indeed push back against critics of the crypto industry on the issue of Bitcoin regulation. Chebeskov has previously worked for several Russian and European investment banks. He has spoken out in support of digital assets before.

The initiative to ban Bitcoin by Central Bank head Elvira Nabiullina has already been translated into an NFT

Meanwhile, new active supporters of Bitcoin are emerging among the CEOs of major US companies. This time, Sven Heinrich, CEO of analyst firm NorthmanTrader, has joined their camp. Most interestingly, MicroStrategy CEO Michael Saylor played a big role in bringing Heinrich on board as a crypto-enthusiast. A year and a half ago, it was with his encouragement that MicroStrategy started actively buying bitcoins, which gave a big boost to the continued bull run in the crypto market.


As of today, the company has accumulated 124,391 BTC with an average purchase price of $30,159. With a total of $3.75 billion spent on coins.

Previously, Heinrich wasn’t so optimistic about Bitcoin – rather the opposite. Back in February last year, he posted on his Twitter account that the major cryptocurrency was supposedly not solving any problems. However, the day before, he retweeted his statement from a blog post titled “(R)evolution, why I became a #Bitcoin supporter,” in which he openly confessed his support for the crypto industry, Cointelegraph reported.

NorthmanTrader CEO Sven Henrich

NorthmanTrader’s CEO’s change of heart came after several discussions with Sailor – both on Twitter and during live discussions, a recording of which has been published on YouTube. All of which led to a great quote from Henrich’s recent statement:

To Bitcoin fans I am prepared to say this – I am one of you. Others, however, please don’t haze me for it. That’s how the market works.

Henrich believes that the global economic environment, given the inflated markets and the inflation problem, will encourage investors to pay more attention to Bitcoin. In other words, Bitcoin could be one of the most profitable investments in the coming years. However, this will have to be judged against the state of the global economy as a whole.


We think it is a mistake to speak out against cryptocurrencies in 2022. Coins and blockchain platforms have serious potential, and ordinary citizens are likely to continue to engage with them. Which means that, in practice, any attempt to ban them is likely to end up going nowhere - at least for experienced decentralisation connoisseurs.

What do you think about it? Share your opinion in our Millionaire Crypto Chat. There we will talk about other topics related to the blockchain industry.