Crypto payments will eventually be legalized in Russia, says official
Russian Federation’s Minister of Industry and Trade Denis Manturov says crypto legalization will happen sooner or later.
Mon, 23 May 2022, 12:32 pm UTC
Russia will eventually legalize payments in cryptos such as Bitcoin (BTC) and Ether (ETH). This was revealed by the Russian Federation’s Minister of Industry and Trade Denis Manturov who said that it could happen “sooner or later.”
During the educational marathon “New Horizons” last week, the minister was asked about the possibility of crypto payments being legalized in the country. “I think so,” Manturov replied, local media outlet TASS, reported. “The question is when this will happen, how it will happen, and how it will be regulated.”
The minister explained that the country’s regulators are already looking into the issue. “Now both the Central Bank and the government are actively engaged in this,” Manturov said. “But everyone is inclined to understand that this is a trend of the time, and sooner or later, in one format or another, it will be carried out. But, once again, it must be legal, correct, in accordance with the rules that will be formulated.”
Cryptocurrency and crypto mining are currently being discussed by Russian authorities. However, not everyone is on the same page regarding how digital assets should be approached.
For instance, the Bank of Russia is advocating a complete ban on crypto viewing it as a threat to the country’s financial system. However, the Ministry of Finance’s position is that crypto should not be banned but must be regulated and taxed.
In April, the Ministry of Finance recommenced the legalization of crypto in its “On Digital Currency” bill, according to Cointelegraph. The ministry expects crypto regulation to be introduced within this year.
Meanwhile, the central bank appears to be softening its stance on crypto following Russia’s invasion of Ukraine and admitted it may have stifled the sector's growth. CBR Governor Elvira Nabiullina said that the monetary authority changed its anti-crypto sentiments primarily due to the numerous economic sanctions imposed by Western powers.
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