JAKARTA – In the midst of economic sanctions imposed on Russia, the Ministry of Industry and Trade of the Russian Federation, Denis Manturov stated that his country would legalize crypto payments.
Throughout 2022, the government is said to have explored the possibility of adopting cryptocurrencies. However, they have not yet launched a concrete policy regarding payments using digital assets. Even so, the ratification of crypto regulations has been recommended by the Russian Ministry of Finance through the “On Digital Currency” bill starting last April, reported by Cointelegraph.
Local media, TASS reported that when Manturov filled the New Horizon education forum this week, he was asked about the possibility of legalizing crypto payments.
"I think so. The question is when will this happen, how will it happen and how will it be regulated. Now both the Central Bank and the government are actively involved in this. But everyone tends to understand that this is a trend of time, and sooner or later in one format or another, it will do," replied Manturov.
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He further emphasized that crypto payments must comply with existing regulations.
"But, once again it must be legal, correct, in accordance with the rules that will be formulated," he added.
On the other hand, the Central Bank of Russia (CBR) and the Ministry of Finance have different views regarding crypto regulation. Where the CBR directly prohibits it, while the Ministry of Finance is looking for a middle way to discuss tax regulations for crypto.
CBR is tough on crypto. The central bank declared a complete ban on crypto trading and mining. According to CBR, crypto has the potential to disrupt the country's "financial stability".
However, the CBR softened when Russia was sanctioned with economic sanctions for attacking Ukraine. They admit that they are too aggressive towards crypto and may have hampered the growth of the digital asset sector in the country.
Elvira Nabiullina as the Governor of the Central Bank of Russia stated that the economic sanctions had changed anti-crypto sentiment on his part. Currently, the Russian government is pushing the local crypto market to be better.
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