According to a report from Russian state news agency TASS, Denis Manturov, Minister of Industry and Trade of the Russian Federation, recently stated that legalising bitcoin and other cryptocurrencies in Russia is just a matter of time.
When asked whether Russia would legalise bitcoin or any other cryptocurrency during an educational event called New Horizon, Manturov said:
“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.”
Russian officials are currently debating the long-term prospects for cryptocurrency and mining in the country. The Bank of Russia said that cryptocurrencies posed systemic risks to the country’s current financial system and hence called for a total ban.
However, the Ministry of Finance has advocated for the legalisation and regulation of cryptocurrencies, and President Vladimir Putin has urged regulatory bodies to reach an agreement on the issue due to Russia’s natural resource advantages.
“But everyone tends to understand that this is a trend, and sooner or later, in one format or another, it will be carried out,” Manturov said at the New Horizon event. “But, once again, it should be legal, correct, and in accordance with the rules that will be formulated.”
In February, the Russian government approved a proposal by the Ministry of Finance to regulate bitcoin and other cryptocurrencies. The Ministry of Finance also submitted a bill in the same month.
The Ministry of Finance is expecting legislation governing bitcoin and other cryptocurrencies to be introduced this year, and it is also working on cryptocurrency tax collection.
