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Russia Will Legalize Cryptocurrency Payments

Russia Will Legalize Cryptocurrency Payments

“The question is when, how will this happen and how will it be regulated. Now both the Central Bank and the government are actively involved in this,” said Trade Minister Denis Manturov.

According to the Ministry of Industry and Trade of the Russian Federation, Denis Manturov, Russia will legalize cryptocurrency payments “sooner or later.”

The country’s government has explored various crypto adoptions throughout 2022, but has yet to finalize any specific policies regarding digital asset payments. However, its legalization has been recommended by the Russian Finance Ministry through the bill “On Digital Currency” since April.

According to a translation of a May 19 report from local media outlet TASS, Manturov was questioned at the New Horizon education forum this week about whether legalized crypto payments are being active or not.

“I think so. 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 involved in this. But everyone tends to understand that this is the trend of the times, and that sooner or later in one format or another, it will be done. ”

“But, again, it has to be legal, correct, consistent with the rules to be built,” he added.

The Central Bank of Russia (CBR) and the Ministry of Finance have until recently held diametrically opposite views on crypto regulation, with the central bank seeking an outright ban while the ministry seeks regulation, tax regulations.

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