Russia to eventually legalize cryptocurrencies as a payment method

On Wednesday, industry and Trade Minister Denis Manturov stated that Russia would legalize cryptocurrency as a form of payment “sooner or later,” implying that the government and central bank are nearing an agreement.

Russia to eventually legalize cryptocurrencies as a payment method

According to a report from Russian state news agency TASS, Denis Manturov, Minister of Industry and Trade of the Russian Federation, has stated that legalizing cryptos in the country is only a matter of time.

When questioned whether or not the country will legalize cryptocurrencies at an informative conference called New Horizon, Manturov answered that the question is when, how, and how it would be governed. He added that both Central Bank and the authorities are now actively involved.

Authorities are now debating the future of cryptocurrency and mining. The Bank of Russia has advocated for a total ban on cryptocurrencies, citing systemic risks to the present financial system.

Nevertheless, the Ministry of Finance has maintained that virtual currencies should be authorized and well-regulated. President Vladimir Putin has also urged regulatory authorities to agree on the topic owing to the country’s resource extraction advantages.

Based on the Ministry of Finance’s recommendation, the country’s government accepted the notion to regulate cryptocurrencies in February. The Ministry of Finance also proposed a bill that month.

According to reports, the Ministry of Finance anticipates laws regulating bitcoin and other cryptocurrencies to be adopted this year and is also working on cryptocurrency tax collection.

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