Russian Federation Minister of Industry and Trade Denis Manturov said that crypto payments will be legalised eventually.
Russian trade minister on crypto payments
Russian trade minister Denis Manturov was asked whether authorised crypto payments were in the pipeline. He answered:
“I believe so. The concern is when it will take place, how it will occur, and how it will be controlled. The Central Bank and the authorities are now both actively involved in this. But everyone understands that it will be implemented out inevitably in some form or another.”
Throughout 2022, the country’s government has been investigating potential crypto adoption scenarios, but has yet to develop any clear legislation regarding digital asset payments. However, the Russian Finance Ministry proposed legislation in its “On Digital Currency” law from April.
Official ban of crypto payments and mining, CBR
The Central Bank of Russia (CBR) and the Ministry of Finance maintained diametrically opposed views on cryptocurrency regulation. The Russian Central Bank is seeking an official ban and the Ministry of Finance seeking taxes control.
The Russia Central Bank has suggested a blanket prohibition on crypto trading and production due to the sector’s prospective “financial stability risks.”
However, keeping war of Ukraine in mind, The Central Bank of Russia stated last month that it had taken an overly harsh approach toward cryptocurrency, which may have hampered the sector’s growth.
Elvira Nabiullina, the bank’s governor, stated that the multiple economic sanctions imposed on the nation were a crucial factor in reversing its anti-crypto attitudes. The banks now seek to have the local digital asset marketplace into a functioning condition.
