Russia has announced a plan to legalize cryptocurrency payments. Denis Manturov, the Minister of Industry and Trade in the Russian Federation, has said that crypto payments in the country will be supported “sooner” or “later.”
Russia is currently the most sanctioned country in the world following the invasion of Ukraine. The hefty sanctions imposed on the country have affected trading activities and its economy.
Russia’s trade minister plans to legalize crypto payments
Russia has been looking for ways to fuel the adoption of cryptocurrencies. However, the country has yet to give a final report about cryptocurrency payments’ policies and whether they will bestow a legal status to the digital asset sector.
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However, the Finance Minister in Russia had advocated for the legalization of digital assets through the “On Digital Currency” bill tabled last month. The move is yet to happen, given that the Bank of Russia has been against cryptocurrencies, citing that they pose a risk to the financial sector.
According to a local publication, Manturov was giving a response to a question by the New Horizon education forum on whether the government was working on developing a legal framework for cryptocurrencies. The official noted that the government and the central bank were already assessing the matter.
“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,” Manturov added.
He also added that regulations for the sector needed to be done legally and correctly and abide by the rules put in place. Regulating the crypto space has been a top priority for many governments globally.
Bank of Russia is opposed to crypto
While some government bodies have advocated for the adoption of cryptocurrencies, there has been opposition from Russia’s central bank and the Ministry of Finance. The central bank has called for a complete ban on cryptocurrencies, while the Ministry of Finance is looking towards taxation.
According to the central bank, cryptocurrency mining and trading posed a risk to financial stability. However, after the invasion of Ukraine, the central bank has slightly relaxed its stance, saying that too much regulation could stifle the growth of the sector.
The governor of the central bank, Elvira Nabiullina, has also said that the recently imposed sanctions against the country would make the institution endorse cryptocurrencies, saying it would focus on ensuring the digital asset sector has a conducive environment supporting growth.
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