Russian Ministry of Finance: Considered excluding USDT from the crypto regulatory framework, but did not proceed due to lack of industry support

Foresight News reports, according to TASS, that Russian Deputy Finance Minister Ivan Chebeskov stated during the St. Petersburg International Economic Forum that the Ministry of Finance had considered excluding USDT from the crypto regulatory bill. However, almost all industry participants, including financial intermediaries and crypto industry representatives, indicated that such a move was unnecessary and that they were willing to use technical means to bear the risks associated with this tool. He noted that since the industry clearly opposed granting exemptions and USDT is already widely used by citizens and businesses, related bans are currently not being considered.