Russia Legalising Bitcoin for Payments Only a Matter of Time, Says Minister of Industry and Trade

As per Russia's Minister of Industry and Trade, the Russian government and Central Bank are on board with crypto adoption.

By Shomik Sen Bhattacharjee | Updated: 19 May 2022 19:44 IST

Russia Legalising Bitcoin for Payments Only a Matter of Time, Says Minister of Industry and Trade

Photo Credit: Unsplash/ Mohd Azrin

Russia is making a move to accept Bitcoin and other cryptocurrencies as a form of payment

Highlights

The minister was asked if crypto could be legalised in the country
Russian authorities are currently ironing out regulations
The Bank of Russia recently pushed for a complete ban on crypto

Russia will sooner or later legalise cryptocurrency as a means of payment. The Minister of Industry and Trade of Russia, Denis Manturov, took to stage at an educational event, stating that the government and the central bank may move closer to resolving their longstanding differences regarding cryptocurrencies. The Ministry of Finance of the country had submitted a legislative proposal in early February that went against the central bank's request for a complete ban on cryptocurrencies in the country.

According to a report from Russian state news agency TASS, when asked whether or not Russia would be legalising Bitcoin or any other cryptocurrency, Manturov stated, "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."

As things stand, Russian authorities are discussing the future of cryptocurrencies and mining. Despite Russia's clear motivation toward adopting Bitcoin, the Bank of Russia recently pushed for a complete ban on cryptocurrencies, citing it could undermine the Russian financial system. It seems that tune has been changed since the harsh international sanctions have crippled Russia's economy, with Russia's President Vladimir Putin pleading with financial regulators to come to an agreement on how digital currencies should be regulated.

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"But everyone tends to understand that this is a trend of time, and sooner or later, in one format or another it will be carried out," said Manturov at the event. "But, once again, it should be legal, correct, in accordance with the rules that will be formulated."

This past February, the Russian government approved the concept of regulating Bitcoin and other cryptocurrencies based on a proposal drafted by the Ministry of Finance. During the same month, the Ministry of Finance also submitted a bill.

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The Ministry of Finance reportedly expects legislation regulating Bitcoin and other cryptocurrencies will be introduced this year and is also working on the collection of tax as it relates to cryptocurrency.

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