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Russia To Legalize Cryptocurrency Soon?

Russia To Legalize Cryptocurrency Soon?

The Russian trade minister has claimed that the nation will inevitably legalize crypto payments “sooner or later.” 

Crypto Legalization Is Inevitable: Trade Minister

According to the Minister of Trade and Industry of the Russian Federation, Denis Manturov, it is just a matter of time until the country officially accepts crypto payments. 2022 has seen Russia toying with more crypto-friendly policies. Despite that, the government has not yet settled on one specific policy, keeping the matter still relatively open-ended. However, the comments from the trade minister could indicate that the government is certainly going forward with this. When asked by local media outlet TASS about the possibility of crypto legalization, Manturov said,

"I think so. The question is when this 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. But everyone is inclined to understand that this is a trend of the time, and sooner or later in one format or another, it will be carried out…But, once again, it must be legal, correct, in accordance with the rules that will be formulated.”

From Banning To Legalization - CBR’s Change Of Heart

The Central Bank of Russia (CBR) has had a complete change of heart regarding cryptos. Till January of this year, the CBR was all for a blanket ban on crypto mining and trading. In comparison, the Ministry of Finance has held a much less antagonistic viewpoint, seeking regulation for crypto taxation. However, in light of Russia’s ongoing invasion of Ukraine and the following increase of sanctions imposed by the US and EU, the CBR has been forced to consider the benefits of cryptocurrencies. It even admitted last month that it had taken a much too aggressive stance towards these assets, which may have stifled the growth of the sector.

Russian Agencies Open Up To Crypto

Other Russian agencies have also sought to make the most of these decentralized digital assets. For instance, in an attempt to boost Russia’s relations with African nations, Sergei Katyrin, the President of the Chamber of Commerce and Industry, had even proposed a new cross-border settlement plan in cryptocurrency for import-export payments. In another case, Russian State Duma Deputy and Energy Committee Chairman Pavel Zavalny has even proposed opening up BTC payment options for “friendly countries” like China and Turkey for its energy exports. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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