Russia to legalize Bitcoin payments? Here’s what the minister hints

Lavina Daryanani
Source: City AM

The Minister of Industry and Trade of the Russian Federation—Denis Manturov—recently opined that Bitcoin and other cryptocurrencies being legalized in Russia for payments was just a matter of time and would happen “sooner or later.”

When asked whether or not Russia would be legalizing Bitcoin or any other crypto at an educational event—New Horizon—Manturov explicitly 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.”

He further added,

“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. But, once again, it must be legal, correct, in accordance with the rules that will be formulated.”

Plausible timeline

Here it is worth noting that the country’s government has been trying and testing different crypto adoption plays since the beginning of this year. Nonetheless, it is yet to finalize any concrete policy concerning digital asset payments. The same legalization narrative has been advocated by Russia’s finance ministry through its April “On Digital Currency” bill.

Per a report from Russian state news agency TASS,

“The Ministry of Finance believes that the circulation of cryptocurrencies in the Russian Federation should be regulated and taxed, and not banned.”

As far as the timeline is concerned, the Ministry of Finance expects that crypto legislative regulations would be introduced this year. Alongside, the ministry is also working on crypto taxation legislation.

Having said that, it shouldn’t be forgotten that Prime Minister Mikhail Mishustin had openly opposed the recognition of crypto as a means of payment in April. In fact, the central bank has also been on the same page and has contended in the recent past that cryptos like Bitcoin cannot be considered legal tender in the country.