Russian Trade Minister Says Legalizing Crypto Payments Is Inevitable

Russian Industry and Trade Minister Denis Manturov said that Russia will legalize encrypted payments "sooner or later".

The Russian government has been exploring the adoption of various cryptocurrencies in 2022, but has yet to finalize any specific policies regarding digital asset payments. However, starting in April, the Russian Ministry of Finance proposed to legalize them through the “Digital Currency” bill.

According to a translation of a May 19 report by local media outlet TASS, Manturov was asked at this week’s New Horizon Education Forum whether he was moving ahead with the legalization of crypto payments.

"I think so. The question is, when will this happen, how will this happen, and how will it be regulated. Now central banks and governments are very involved. But everyone tends to understand that this is the trend of the times, Sooner or later it will be implemented in one form or another."

"But, again, it has to be legal and correct under the rules that are coming out," he added.

The Central Bank of Russia (CBR) and the Ministry of Finance have until recently held diametrically opposed views on cryptocurrency regulation, with the central bank wanting a complete ban and the Ministry of Finance wanting to regulate taxes.

As recently as January, the CBR proposed a blanket ban on local cryptocurrency trading and mining due to potential “financial stability risks” associated with the crypto industry.

However, following its invasion of Ukraine, CBR admitted last month that it had taken an overly aggressive stance on cryptocurrencies, which may have stifled the industry’s growth.

Elvira Nabiullina, governor of the Central Bank of Russia, pointed to the numerous economic sanctions imposed on Russia as a key driver of changing its anti-encryption sentiment, and now the central bank wants to put the local digital asset market into a "working state". ".

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