Crypto-currencies to be legalised by Russia for payments

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Crypto-currencies to be legalised by Russia for payments
Crypto-currencies to be legalised by Russia for payments

The Ministry of Finance reportedly expects legislation regulating Bitcoin and other crypto-currencies will be introduced this year and is also working on the collection of tax as it relates to cryptocurrency

Crypto-currencies will be sooner or later legalised as a means of payment by Russia. Taking to stage at an educational event, the Minister of Industry and Trade of Russia, Denis Manturov stated that the central bank and the government may take a closer move for resolving their longstanding differences regarding cryptocurrencies. In early February, the Minister of France had submitted a legislative proposal that went 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 whether or not Russia would be legalising 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.”

As things stand, Russian authorities are discussing the future of crypto-currencies and mining. The Bank of Russia recently pushed for a complete ban on crypto-currencies, despite Russia’s clear motivation toward adopting bitcoin, citing it could undermine the Russian financial system. With Russia’s President Vladimir Putin pleading with financial regulators to come to an agreement on how digital currencies should be regulated, it seems that tune has been changed since the harsh international sanctions have crippled Russia’s economy.

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

Based on a proposal drafted by the Ministry of Finance, this past February, the Russian government approved the concept of regulating Bitcoin and other crypto-currencies. The Ministry of Finance also submitted a bill during the same month.

The Ministry of Finance reportedly expects legislation regulating Bitcoin and other crypto-currencies will be introduced this year and is also working on the collection of tax as it relates to cryptocurrency.

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