- The legalization of bitcoin and other cryptocurrencies as a means of payment is only a matter of time according to the Russian minister of industry and trade.
- The minister explains that the process of legalization will happen, it’s just a matter of how it is regulated, and how it is passed.
- Russian regulatory agencies have danced around the concepts of legalization and bans over the course of the past few months.
Denis Manturov, Minister of Industry and Trade of the Russian Federation, recently expressed his opinion that bitcoin and other cryptocurrencies being legalized in Russia is just a matter of time, according to a report from Russian state news agency TASS.
At an educational event called New Horizon, when asked whether or not Russia would be legalizing bitcoin or any other cryptocurrency, Manturov 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.”
Currently, Russian authorities are discussing the future of cryptocurrencies and mining. The Bank of Russia pushed for a complete ban on cryptocurrency, citing systemic threats to the current financial system.
The Ministry of Finance, however, has held the position that cryptocurrencies should be legal and well-regulated and President Vladimir Putin also pleaded with regulatory agencies to come to an agreement on the matter due to Russia’s natural resource advantages.
“But everyone tends to understand that this is a trend of time, and sooner or later, in one format or another it will be carried out,” said Manturov at the New Horizon event. “But, once again, it should be legal, correct, in accordance with the rules that will be formulated.”
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. During the same month, the Ministry of Finance also submitted a bill.
The Ministry of Finance reportedly expects legislation regulating bitcoin and other cryptocurrencies will be introduced this year and is also working on the collection of tax as it relates to cryptocurrency.
