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Legalizing Crypto Payments Just Sooner or Later

Russian Trade Minister Denis Manturov asserted that it is only a matter of “sooner or later” that the country legalizes payments using cryptocurrencies.

The government of this country has considered many use cases of cryptocurrencies in 2022, but has not yet issued a specific policy for the payment of digital assets.

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In April, the legal framework governing this sector was recommended to be developed in the bill “Electronic currency” proposed by the Ministry of Finance.

According to the TASS news agency, when asked about the legality of payments in cryptocurrencies, Mr. Manturov said: “The question is when, how to apply and how to manage. Both the central bank and the government are actively looking into the matter. But everyone understands that this is the trend of time, it will be deployed, sooner or later, in one form or another.”

“Even so, it has to be legal, accurate and in line with the rules,” he added.

The Central Bank of Russia (CBR) and the Ministry of Finance have recently been at odds on regulations aimed at cryptocurrencies. CBR favors a total ban while the ministry wants to manage to calculate taxes.

Previously, in January, the CBR proposed a complete ban on cryptocurrency trading and mining due to concerns about “financial stability risks.”

However, with the Russia-Ukraine conflict continuing, the CBR admitted last month that it has taken a “a bit too hard-line” stance and that this may have stifled the development of the sector.

Elvira Nabiullina, Governor of CBR, said that the large number of economic sanctions against Russia was the driving force for the agency to change its stance on cryptocurrencies. Now, the CBR will work to bring the digital asset market into a “active state”.

Vinh Ngo (According to CoinTelegraph)

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