Russia Planning to Legalize Payments in Bitcoin and Other Crypto in the Future

Russia Planning to Legalize Payments in Bitcoin and Other Crypto in the Future

It's just a waiting game when Bitcoin and other crypto payments are legalized as a payment method in Russia.

Based on an announcement by a local news outlet TASS, Denis Manturov, the Minister of Industry and Trade of the Russian Federation (Minpromtorg), stated that Russia is planning to authorize payments in cryptocurrency at a given time.

At one of the educational events, Manturov commented about the situation of integrating such a payment method in Russia and added:

“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.”

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As of now, the Russian government is debating the fate of crypto mining and cryptocurrencies in the country.

The Minister suggested that payments in crypto should be lawful and proper, in line with the laws that will be established "sooner or later," while stating:

“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.”

According to several reports, the Ministry of Finance anticipates laws governing Bitcoin and other cryptocurrencies to be presented in 2022, and it is also working on crypto tax collection.

At the beginning of the year, despite the disagreements with the central bank, The Russian government stated that it would support cryptocurrency legislation.

Back in March, Russia’s Deputy Minister of Energy Evgeny Grabchak called for the legalization of cryptocurrency mining on a "regional level" at determined "sites" so that energy surpluses are being used purposefully.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree


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