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Legalization of Bitcoin and other cryptocurrencies as a means of payment in Russia is on the horizon, the country’s Minister of Industry and Trade says.
The minister, Denis Manturov, explained at an educational event called New Horizon that the process of legalization will take place and that it is only a matter of how it is regulated, and how it is passed. Manturov stated:
“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.”
Currently, there is some ambiguity with Russian authorities on the future of cryptocurrencies, including mining operations.
On the one end, the Bank of Russia is proposing a complete ban on cryptocurrency, due to its systemic threat to the current financial system. Russia’s Ministry of Finance, however, asserts that cryptocurrencies should be legal and well-regulated.
While Russian President Vladimir Putin is pleading with regulatory agencies to come to an agreement on the matter, Manturov added:
“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. But, once again, it should be legal, correct, in accordance with the rules that will be formulated.”