According to Coindesk, which quotes Russian cryptoblog Forklog, Russian Ministry of Labour has issued new regulation which bans public official, spouses and underage children from owning cryptocurrencies or any digital asset which is not issued in Russia. Regulation is based on the new law regarding cryptocurrencies, which has been signed by President Putin and had been implemented since January 1st 2021. This regulation is officially justified as a way for fighting corruption, which is something which chronically plagued Russia in past years; tighter regulation is supposed to discourage public officials from bad behaviour, since not owning cryptocurrencies should make laundering of their ill-gotten gains more difficult.
This move will, almost certainly, be interpreted as another proof of the increasing hostility of Russian governments towards cryptosphere. On one hand, it could be understood as Putin's attempt to tighten the grip on the power, since cryptocurrencies are often seen as the way to avoid government's control, which also includes anti-Putin opposition which had made spectacular series of demonstrations few days ago. On the other hand, Russian state-owned and state-connected businesses have already been involved in various forms of cryptobusiness, which includes government-owned power stations mining Bitcoin. For Russian government, like many others in the world, cryptocurrencies are convenient way to evade the stranglehold of US economic sanctions, and, in the long term they can undermine the hegemonic status of US dollar, and with it, in the long term, possibly shift the balance of global power in Russia's favour. This is the reason, why the Russian government's policies towards cryptocurrency – not unlike US government's policies – will be ambivalent for a long time.
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