Russia’s Trade Minister reveals the country will soon legalize crypto payments

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2022-05-20 20:36:39

The Minister of Industry and Trade of the Russian Federation Denis Manturov has revealed that it is only a matter of time before the country will legalize cryptocurrency payments.

Russia’s Trade Minister reveals the country will soon legalize crypto payments

The country’s government has explored various crypto adoptions throughout 2022, but has yet to finalize any specific policies regarding crypto payments. However, the legalization of this scope was recommended by the Russian Finance Ministry through a bill drafted in April.

According to the latest developments, in a May 19 report from local media outlet TASS, Minister Denis Manturov was asked at the New Horizon educational forum whether payments in cryptocurrency are possible. Is it legalized in Russia? He replied as follows:

“Now both the Central Bank and the government are actively involved in this matter. But everyone is inclined to understand that this is a general trend of the times, and sooner or later the process of integrating crypto payments will be legal with full regulatory rules.”

In fact, the Central Bank of Russia (CBR) and the Ministry of Finance have always held diametrically opposite views on cryptocurrency regulation, with the CBR being completely opposed while the Ministry of Finance sought tax regulation. As recently as January, the CBR proposed a comprehensive ban on crypto mining and trading due to the potential financial stability risks associated with the sector.

However, soon after, not only the Ministry of Finance reacted strongly, but also the House of Representatives, the Ministry of Economic Development and Russian Prime Minister Mikhail Mishustin all agreed when asking for comprehensive management regulation is the better solution. ban. Even President Putin joined the discussions saying that Russia could benefit from the Bitcoin mining industry.

And whatever happens, after a tense military conflict with Ukraine that has lasted for the past 3 months until now, last month CBR admitted that there were too many tough stances on the issue. Cryptocurrencies may have stifled the growth of the industry in Russia.

Central Bank Governor Elvira Nabiullina noted the many economic sanctions imposed by the West against the country as a key driver for the agency to change its stance against crypto.

So, as part of the government’s measures to sustain the economy, the Central Bank of Russia is working to find ways to bring cryptocurrencies to a stable state of operation. In addition, Elvira Nabiullina confirmed that the Central Bank of Russia continues to discuss issues related to Bitcoin mining with the government to come to a more systematic decision.

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