Russia may legalise crypto soon, hints minister
Media reports claim, the Industry minister of Russia has hinted that legalising cryptocurrencies in Russia is just a matter of time
- May 19, 2022,
- Updated Jun 17, 2022 10:52 PM IST
Russia might soon join the club of countries that have legalised crypto payments. As per local media reports, Denis Manturov, the Russian Minister of Industry and Trade has stated that the legalisation of Bitcoin and other cryptocurrencies in Russia is merely a matter of time.
When asked about whether the country would legalise cryptocurrencies, the Minister told the local media, “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.”
The Russian government is actively considering the future of cryptocurrences and crypto mining in the country. In the month of January, the Bank of Russia has urged a complete ban on cryptocurrencies, citing risks to the existing financial system.
The Ministry of Finance, on the other hand, insisted that cryptocurrencies should instead be regulated. President Vladimir Putin then urged regulatory bodies to achieve an agreement on the matter due to Russia's natural resource advantages.
The Russian government endorsed the concept of regulating Bitcoin and other cryptocurrencies in February, based on a proposal submitted by the Ministry of Finance. During the same month, the Ministry of Finance also submitted a bill.
According to local media reports, the Ministry of Finance’s legislation to regulate cryptocurrencies would be rolled out by the end of the year.
Also read: Washout! Terra down 100%, crypto exchanges de-list LUNA and UST
Also read: Terra Luna crash turns value of 4th biggest crypto to zero, all cryptocurrencies in free fall
Russia might soon join the club of countries that have legalised crypto payments. As per local media reports, Denis Manturov, the Russian Minister of Industry and Trade has stated that the legalisation of Bitcoin and other cryptocurrencies in Russia is merely a matter of time.
When asked about whether the country would legalise cryptocurrencies, the Minister told the local media, “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.”
The Russian government is actively considering the future of cryptocurrences and crypto mining in the country. In the month of January, the Bank of Russia has urged a complete ban on cryptocurrencies, citing risks to the existing financial system.
The Ministry of Finance, on the other hand, insisted that cryptocurrencies should instead be regulated. President Vladimir Putin then urged regulatory bodies to achieve an agreement on the matter due to Russia's natural resource advantages.
The Russian government endorsed the concept of regulating Bitcoin and other cryptocurrencies in February, based on a proposal submitted by the Ministry of Finance. During the same month, the Ministry of Finance also submitted a bill.
According to local media reports, the Ministry of Finance’s legislation to regulate cryptocurrencies would be rolled out by the end of the year.
Also read: Washout! Terra down 100%, crypto exchanges de-list LUNA and UST
Also read: Terra Luna crash turns value of 4th biggest crypto to zero, all cryptocurrencies in free fall