According to Denis Manturov, the Russian Federation’s Ministry of Industry and Trade, crypto payments will be legalized “sooner or later.”
“The question is when, how, and under what circumstances this will take place. Both the Central Bank and the government are now actively involved in this,” said Denis Manturov, the trade minister.
Russia’s crypto plan
Throughout 2022, the government will investigate different crypto adoption strategies, although no definitive regulatory policy on digital asset payments has been finalized.
However, Russia’s finance ministry supported its legality in its April bill “On Digital Currency.”
Manturov was questioned about authorized crypto payments at the New Horizon educational forum this week, He said:
“Yes, I believe so. The question is when, how, and under what conditions this will occur. The Central Bank and the government are now both actively involved in this. But everyone seems to grasp that this is a current trend that will be carried out sooner or later in some form or another.”
Central Bank of Russia against legalizing crypto
Until recently, the Central Bank of Russia (CBR) and the Ministry of Finance held completely opposite views on crypto regulation, with the central bank seeking an outright ban and the ministry seeking taxes control.
The CBR recommended a blanket ban on domestic crypto trade and mining as recently as January, citing potential “financial stability risks” related to the sector.
Following the ongoing assault on Ukraine, CBR confessed last month that it had taken a too strong stand toward cryptocurrency, which may have hampered the sector’s growth.
Elvira Nabiullina, the bank’s governor, stated that the multiple economic sanctions imposed by countries from all around the world on Russia played a major factor in the changing country’s anti-crypto views, as it now seeks to restore the “functionality” of the local digital asset market
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Source: https://www.thecoinrepublic.com/2022/05/19/russia-will-soon-legalize-crypto-payments-trade-minister/