News Russian Minister Abyzov Advocates for Official Recognition of Bitcoin...

Russian Minister Abyzov Advocates for Official Recognition of Bitcoin as a Financial Tool


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Russian government officials remain pretty divided when it comes to Bitcoin and cryptocurrency. Several individuals continue to oppose this trend, whereas others want to give it legal recognition. Mikhail Abyzov, the Minister of Open Government of Russia, confirms cryptocurrencies can’t be ignored any longer. In fact, he wants official recognition for Bitcoin as a financial tool. All of this needs to be achieved without effectively destroying the technology itself.

This opinion by Abyzov will not be all that popular among Russian government officials. After all, there are still a few parties who feel cryptocurrencies need to be banned. It is unfortunate some people remain short sighted in this era of financial innovation. Then again, granting cryptocurrency legal recognition is not an easy feat. Even with the support of several government officials, it may never happen in Russia. The country is very divided on the cryptocurrency front with conflicting reports making headlines every other day.

Minister Abyzov is Pro Bitcoin and Blockchain

In an interview with RIA, Abyzov stated how cryptocurrency can’t be ignored. It seems the Russian Minister is quite charmed by the technology Bitcoin brings to the table. Whether or not we will see a regulatory decision regarding cryptocurrencies in Russia, remains unknown. Abyzov stated how this can take place “soon’ but remains rather vague in his wording. It is evident a lot of countries are pondering over the same matter right now.  

The technology powering cryptocurrencies should not be overlooked either. Bitcoin and cryptocurrencies are growing in popularity and value. The cryptocurrency ecosystem offers plenty of other currencies with their own use cases. It has become about so much more than just Bitcoin, although it will remain the largest cryptocurrency for some time to come. Finding a regulatory solution which doesn’t stifle innovation will be challenging.

It is understandable Abyzov wants to promote the use of blockchain. By definition, that also means the development of cryptocurrencies will get some more credibility. Openly supporting these ideas is still rather controversial in Russia. Abyzov is not the first to do so, though. The Russian Finance Minister echoed similar statements, explaining why banning cryptocurrencies makes no sense. For now, things remain a legal gray area. That situation may change pretty soon in Russia, though.

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