Russia legalizes Bitcoin for payments, it’s only a matter of time, the Minister of Industry and Trade said

Sooner or later Russia will legalize cryptocurrencies as a means of payment. Russia’s Minister of Industry and Trade, Denis Manturov, took to the stage at an educational event, claiming that the government and central bank could be closer to resolving their longstanding differences. about electronic money. The country’s Finance Ministry submitted a legislative proposal in early February that goes against the central bank’s request for a complete ban on cryptocurrencies in the country.

According to a report from Russian state news agency TASS, when asked if Russia would legalize Bitcoin or any other electronic moneyManturov stated, “The question is when it will happen, how will it happen and how it will be regulated. Now both the Central Bank and the government are actively involved in this. .”

As things go, Russian authorities are discussing the future of cryptocurrencies and mining. Despite Russia’s apparent motives for adoption BitcoinThe Central Bank of Russia recently pushed for a complete ban on cryptocurrencies, citing that it could weaken Russia’s financial system. It seems the trend has changed since harsh international sanctions have crippled the Russian economy, with Russian President Vladimir Putin begging financial regulators to come to an agreement on How digital currencies should be managed.

“But everyone tends to understand that this is the trend of the times, and sooner or later, in one form or another, it will be done,” Manturov said at the event. “But, again, it has to be legal, correct, consistent with the rules to be built.”

This past February, the Russian government approved the concept of regulating Bitcoin and other cryptocurrencies based on a proposal drafted by the Ministry of Finance. In the same month, the Ministry of Finance also submitted a bill.

The Treasury Department expects legislation regulating Bitcoin and other cryptocurrencies to be enacted this year and is also working on tax collection as it relates to cryptocurrencies.

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