Russian Industry and Trade Minister: “The Legalization of Bitcoin and Cryptocurrencies in Russia is a Matter of Time!”

According to the Russian state news agency TASS, Denis Manturov, Minister of Industry and Trade of the Russian Federation. Bitcoin (BTC) and other cryptocurrencies He said it was only a matter of time before he legalized it in Russia.

“Bank of Russia and Government Working on Legalization of Bitcoin and Cryptocurrencies”

When asked whether Russia would legalize Bitcoin or any other cryptocurrency at an educational event called New Horizon, Manturov said:

“The real question is when it will happen, how it will happen and how it will be regulated. Currently, both the central bank and the government are actively working on this issue.”

Currently, Russian officials are discussing the future of cryptocurrencies and their mining intensely. The Central Bank of Russia recently requested that crypto assets be banned altogether, claiming that they pose a threat to the financial system.

The country’s finance minister, on the other hand, said that crypto assets must be legal and regulated.

Russian President Vladimir Putin emphasized Russia’s advantage of natural resource wealth and stated that the two institutions should reconcile.

Manturov continued his statements about Bitcoin and cryptocurrencies at the New Horizon event:

“Everyone is starting to understand that it’s just a matter of time, and it’s going to happen eventually, somehow. However, I state again that this must be legal, correct and in line with the rules to be established.”

Last February, the Russian government approved the Bitcoin and cryptocurrency regulation proposal submitted by the country’s Ministry of Finance. In the same month, the Ministry of Finance also submitted a draft law.

The Russian Ministry of Finance reportedly expects legislation regulating Bitcoin and other cryptocurrencies to take effect this year, and is also working on tax collection in relation to cryptocurrency.

*Not investment advice.

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