Home arrow Article arrow Article Detail

Crypto payments will be legalized in Russia inevitably, says trade minister

Profile Image

Pavan A Follow


May, 24 2022

May, 24 2022

likes 0 | comments 0

Article Image

Russian Industry and Trade Minister Denis Manturov says bitcoin and other currencies will be legalized as payments over time.

In his explanation of how legalization will happen, the minister explained that it all depends on the way it will be regulated and passed. In recent months, Russian regulatory agencies have avoided being drawn into discussions about legalization and banning.

Manturov responded to a question at a New Horizon educational event on the legalization of bitcoin and other cryptocurrencies.

“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 engaged in this.”

Until recently, the Russian Central Bank (CBR) and the Ministry of Finance had held polar opposite views on cryptocurrency regulation, with the CBR looking for a ban, while the ministry wanted taxation regulation.

According to the CBR, local crypto trading and mining were recently proposed to be banned because of “financial stability risks” caused by the sector.

The Ministry of Finance, on the other hand, has supported cryptocurrencies, and President Vladimir Putin has also held talks with regulatory agencies to come to a settlement given Russia's natural resources advantage.

However, CBR has acknowledged that the sector's stagnant growth may be a direct result of its aggressive stance toward crypto following the ongoing invasion of Ukraine. 

Governor Elvira Nabiullina explained that economic sanctions put on the country helped change its sentiments regarding cryptocurrency, and it now wants to create a meaningful local market for digital assets.


likes 0 Likes | comments 0 Comments

Profile Image

Pavan A

CBW - External Analyst


Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.