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Friday, December 9, 2022

Russia Will Legalize Crypto Payments Inevitably

Minister of Industry and Trade Denis Manturov has said that crypto payments would be legalized “sooner or later” in Russia.

Throughout 2022, the government has been looking at several strategies for increasing crypto acceptance, but it has yet to settle on a policy for accepting digital asset payments. The Russian Finance Ministry, however, has advocated for its legality through the April “On Digital Currency” law.

Russia Crypto News: Questioning Manturov

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The New Horizon educational session this week had a question directed at Manturov about the possibility of legalizing crypto payments, as reported in a translated article from the local media agency TASS on Thursday.

“That’s what I’m getting at, at least. When, how, and if there will be any controls on this is the question. The government and the Central Bank are both currently involved. But most people realize that this is a current trend that will ultimately be implemented in some manner.

Yet again, he emphasized that everything is done “must be lawful, right, in line with the laws that will be created.”

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Until recently, Russia’s Central Bank (CBR) and Ministry of Finance (MoF) had diametrically opposed positions on crypto legislation, with the CBR seeking an outright ban and the MoF seeking regulation for taxation purposes.

The CBR had advocated a complete ban on crypto trading and mining in the country back in January, citing “financial stability concerns” linked with the industry.

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