According to the Russian minister of industry, the legalization of Bitcoin and other crypto as a means of payment is only a matter of time
Potential Crypto Mass Adoption
Even if crypto have been legal in Russia as of the 1st of the previous year, citizens are unable to use them to pay for products or services in the country. In a recent move, Russia passed a new cryptocurrency law that, while not as restrictive as the country’s previous cryptocurrency ban, nevertheless maintains stringent limitations on the use of cryptocurrencies as a form of currency. Despite the fact that the law does not outright prohibit the use of cryptocurrencies, Fast forward sixteen months, and the Russian capital has decided to adopt a different route by incorporating Bitcoin into its financial infrastructure.
Up until very recently, the Central Bank of Russia (CBR) and the Ministry of Finance in Russia maintained opinions about cryptocurrency regulation that were diametrically opposed to one another. The CBR wanted an absolute prohibition, whilst the Ministry of Finance wanted regulation for taxation purposes. The CBR has advocated a complete ban on domestic cryptocurrency trading and mining as recently as January because to the possible “financial stability concerns” linked with the sector.
However, as a result of the ongoing war of Ukraine, CBR stated the previous month that they had taken an excessively hostile posture towards cryptocurrencies, which may have hampered the development of the sector. Elvira Nabiullina, the governor of the bank, stated that the multiple economic sanctions imposed on the nation were a crucial motivator in changing the bank’s anti-crypto attitudes. The bank is now looking to turn the domestic technology platform market into a “functioning condition.”
Quotes
When Manturov was asked whether or not Russia will be legalizing Bitcoin or any other crypto during an educational event called New Horizon, he made the following statement: “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. 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.”
