Russian Minister: It's 'Impossible' to Ignore Cryptocurrencies

A minister within the Russian government is speaking out against the idea cryptocurrencies should be banned, calling the technology "impossible to ignore."

Mikhail Abyzov, who was appointed Minister for Open Government in 2012, made the remarks during an interview with Russian-language news source RIA this week. However, during the talk, he said that he believes "a decision will be made soon" matter – if only out of necessity due to the technology's growth.

In the interview, he went on promote a "thoughtful" approach to regulation, stating:

"It is necessary to move from a policy of denial and prohibition to a very accurate, thoughtful state regulation of the turnover of crypto-currencies. I think we should officially recognize them as a financial tool and properly handle it carefully so that excessive pressure does not destroy the technology itself."

Abyzov, who previously led E4, one of Russia's largest engineering firms, went on to argue that development around the tech should be supported, whether it involves the development of cryptocurrency or other applications of blockchain.

"I think that the Russian technology sector has such a potential. It will be implemented in the format of creating a cryptor, or other new technologies of the financial or non-financial sector – it is difficult to predict. But it is necessary to support and develop such initiatives," he told the publication.

Overall, Abyzov is the latest senior official from the Russian government to openly support a more accommodative environment for cryptocurrency trading activity. Last week, Anton Siluanov, Russia's finance minister, said that there is "no point" in prohibiting cryptocurrencies in the country.

Editor's Note: Some statements in this article have been translated from Russian.

Image via Kremlin.ru