Russia Will Legalize Crypto Payments “Sooner or Later”, According to Russian Federation Minister of Industry and Trade Denis Manturov.
The country’s government has been exploring various cryptocurrency adoption moves throughout 2022., but has not yet finalized any specific policy regarding payments with digital assets. Nevertheless, its legalization has been recommended by the Russian Ministry of Finance through its draft law “On Digital Currency” from April.
According to a translation of a Thursday report by local media outlet TASS, Manturov was asked at the New Horizon educational forum this week about whether work was being done on legalizing crypto payments.:
“I think so. The question is when it will happen, how it will happen and how it will be regulated. Now both the Central Bank and the Government are actively participating in this. But everyone is inclined to understand that it is a trend of the times, and sooner or later, in one format or another, it will be carried out.
“But, once again, it must be legal, correct, according to the rules that are formulated,” he added.
The Central Bank of Russia (CBR) and the Ministry of Finance have until recently held totally opposite views on the regulation of cryptocurrencies, as the central bank was seeking an outright ban while the ministry was seeking regulation for taxation.
In January, the BCR had proposed a blanket ban on local cryptocurrency trading and mining due to potential “financial stability risks” associated with the sector..
However, following the current invasion of Ukraine, the CBR admitted last month to having taken too aggressive a stance towards cryptocurrencies, which could have stifled the growth of the sector.
The bank’s governor, Elvira Nabiullina, noted that the numerous economic sanctions imposed on the country were a key factor in changing her anti-crypto sentiments.as it now seeks to get the local digital asset market in a “working state.”
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.