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


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.

Pavan A
CBW - External Analyst
INDIA