Today, we get further confirmation that this eventuality is now in play after Bitcoin Magazine reported that efforts to welcome bitcoin in Russia with clear regulation keep growing with the Ministry of Finance and the Chamber of Commerce and Industry being the latest two entities voicing their suggestions despite the central bank's continued hard line.

Russian Minister of Finance Anton Siluanov sent a letter to Prime Minister Mikhail Mishustin on Wednesday reiterating the ministry's inclination to regulate, instead of ban, cryptocurrency trading and mining in the country, per a report by Russian newspaper Kommersant.

The minister proposed to grant some Russian banks a license that would confer upon them the right to facilitate bitcoin trading, supposedly enabling them to function as bitcoin exchanges.