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According to the Ministry of Industry and Trade of the Russian Federation, Denis Manturov, Russia will legalize cryptocurrency payments "sooner or later".
The country's government has explored various cryptocurrency adoptions throughout 2022, but has yet to finalize any specific policies regarding digital asset payments. However, its legalization has been recommended by the Russian Ministry of Finance to pass the bill "On digital currencies" from April.
According to a May 19 report from local media outlet TASS, Manturov was questioned at the New Horizon education forum this week about whether legalized cryptocurrency payments were working.
"I think so. The question is when this will happen, how it will play out and how it will be adjusted. Both the central bank and the government are actively involved in this. But everyone tends to understand that this is the trend of time, and sooner or later in one format or another, it will also be done. ”
"But, again, it has to be legal, accurate, in line with the rules that will be formulated," he added.
The Central Bank of Russia (CBR) and the Ministry of Finance until recently maintained a completely opposite view on cryptocurrency regulation, while the central bank is seeking a complete ban, the Ministry seeks tax regulation.
As recently as January, the CBR proposed a comprehensive ban on local cryptocurrency mining and trading due to potential "financial stability risks" associated with the sector.
However, after the war on Ukraine, last month the CBR admitted there had been too many positive views towards cryptocurrencies, which may have held back the development of the sector.
Bank Governor Elvira Nabiullina noted that many of the economic sanctions imposed on the country are the main driver in changing their anti-crypto stance, as they are now looking to put the local digital asset market in an "active state."
