Russia Plans to Legalize Cryptocurrency Soon
Russia will legalize cryptocurrency payments “sooner or later”, according to Denis Manturov, Minister of Industry and trade of the Russian Federation.
The legalization has been recommended by Russian Ministry of Finance via its “On Digital Currency” bill from April. Russian government is finding out the ways for crypto adoption throughout the year, however, a concrete policy roadmap for digital asset payments is yet to be finalized.
Denis Manutrov was recently questioned at the New Horizon educational form this week on crypto payment legalization progress. He said “I think so. The question is when this will happen, how it will happen and how it will be regulated. Now both the Central Bank and the government are actively engaged in this. 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.”
He added that the crypto payment must be legal and in accordance with the rules that will be formulated.
Until recently, the Ministry of Finance and Russia’s central bank have held opposing views on digital assets regulation, with the central bank seeking outright ban and government sought regulation for tax deduction.
In January, Central Bank of Russia (CBR) had proposed an outright ban on crypto mining and trading in the country due to the stability risks associated with the such assets.
However, since January, the circumstances have drastically changed and due to the on-going Russian invasion of Ukraine, the CBR has changed its stance towards crypto and admitted of taking an aggressive step of outright ban which might have stifled the asset and market growth.
Also Read: European Crypto Industry Steps Up Efforts Influence EU Policy
Elvira Nabiullina, central bank governor admitted that numerous economic and financial sanctions placed on Russia have been a key driver in changing its anti-crypto sentiments, as it looks to get the crypto asset market into a “working state”
Also Read: How Elon Musk’s Investment In Twitter Can Affect Crypto Market?
Multiple Russian agencies are also looking to take the advantage of these decentralized digital assets. For instance, Sergei Katyrin, the president of the Chamber of Commerce and industry, is trying to boost Russia’s affiliation with African nations using a new cross-border import-export payment settlement plan in cryptocurrency. In another instance, Pavel Zavalny, Russian state Duma Deputy and Energy Committee Chairman has come up with a proposition for opening Bitcoin based payment for friendly nations like Turkey and China for its energy imports and exports.
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