Russia will sooner or later legalize cryptocurrencies as a means of payment. Russia’s Minister of Industry and Trade, Denis Manturov, took to the stage at an educational event, saying the government and central banks could move closer to resolving their long-standing differences regarding cryptocurrencies. The country’s finance ministry submitted a legislative proposal in early February that went against the central bank’s request for a complete ban on cryptocurrencies in the country.
according to a report good Russian state news agency TASS, when asked whether Russia will legalize bitcoin or any other cryptocurrencyManturov said, “The question is when will this happen, how will it happen and how will it be regulated. Now both the Central Bank and the government are actively engaged in this.”
As things stand, Russian officials are discussing the future of cryptocurrencies and mining. Despite Russia’s clear motivation to adopt BitcoinThe Bank of Russia recently pushed for a complete ban on cryptocurrencies, saying it could undermine the Russian financial system. The tune seems to have changed as harsh international sanctions have crippled Russia’s economy, with Russian President Vladimir Putin requesting financial regulators to change how digital currencies should be regulated.
“But everyone understands that this is a trend of the times, and sooner or later, in one format or another it will be done,” Manturov said in the program. “But, once again, it must be legal, correct as per the rules to be framed.”
Last February, the Russian government approved the concept of regulating bitcoin and other cryptocurrencies based on a proposal prepared by the Ministry of Finance. The Finance Ministry also introduced a bill during the same month.
The Finance Ministry is expected to introduce legislation regulating bitcoin and other cryptocurrencies this year and is also working on tax collection as it relates to cryptocurrencies.