According to a Russian minister, cryptocurrency will become a payment method “soon.”

May 19, 2022

According to a Russian minister, cryptocurrency will become a payment method "soon."


According to a Russian minister, cryptocurrency will become a payment method “soon.”

According to Reuters, Russia’s minister of industry and commerce, Dennis Manturov, believes it is only a matter of time until cryptocurrency becomes a form of payment in the nation. According to the source, Manturov commented at a symposium in answer to a query about whether cryptocurrency may become a legitimate form of payment. Russia has been contemplating the usage of cryptocurrency for some months. Before its February 24 invasion of Ukraine, the finance ministry issued a legislative proposal to legalize cryptocurrencies. While numerous government institutions support the proposal to regulate the business, the Central Bank of Russia opposes it and has called for a complete ban. The main reason for regulatory delays is disagreements between the central bank and the Finance Ministry. Russian President Vladimir Putin recently encouraged both parties to strike an agreement.

According to Manturov’s statement, the ministry of finance and the central bank have finally struck an agreement that benefits everyone. The On Digital Currency Bill is presently being debated and may include crypto restrictions. Several clauses in the comprehensive law govern virtual asset service providers. Companies that provide crypto services, for example, must function similarly to regular financial institutions. Furthermore, it may not accept all types of cryptocurrency. Only digital tokens with no obligated person will be approved, which implies fiat-backed stablecoins like USDC and USDT may be rejected.

Russia also intends to introduce a central bank digital money, according to reports. The country “plans to have a “digital” rouble capable of making foreign payments ready by next year,” according to current information. While the Russian government and its authorities have yet to make a decision on the legal status of cryptocurrency in their nation, other countries across the world are taking a more aggressive approach to regulate and accepting the business. El Salvador’s President, Nayib Bukele, recently disclosed that he met with 44 financial officials from Africa, Latin America, and Asia to discuss financial inclusion and the benefits of Bitcoin adoption in his nation.

Read more: Portugal will begin taxing cryptocurrency profits and payments.

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