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Policy & Regulation

Trade Minister believes that Russia will eventually accept crypto for payments

19 May 2022 : 07:59
2 min read
  • Denis Manturov believes that Russia will "sooner or later" accept crypto payments.
  • The finance ministry recommended crypto legalization in its April bill "On Digital Currency."
  • The CBR and the Finance Ministry held diametrically opposed views on crypto regulation.

During the New Horizon educational forum this week, the Minister of Industry and Trade of the Russian Federation, Denis Manturov, said that Russia will eventually legalize crypto payments in the region.

Crypto payments will be legalized sooner or later

As per a recent report by the local media outlet TASS, when asked whether legalized crypto payments were in the works, he stated:

“I think so. The question is when this 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 is inclined to understand that this is a trend of the time, and sooner or later, in one format or another, it will be carried out.”

Till now, in 2022, the government of the country has investigated various crypto adoption strategies, although no definitive policy on digital asset payments has been finalized. However, Manturiov believes that the government will “sooner or later” accept cryptocurrency payments. 

Notably, the legalization was specifically recommended by Russia’s finance ministry in its April bill “On Digital Currency.”

CBR and Finance Ministry fighting over Russia

Until recently, the Central Bank of Russia (CBR) and the Ministry of Finance held diametrically opposed views on crypto regulation. The central bank wants an absolute ban, but the ministry seeks taxation and regulation, similar to the scenario in India.

The CBR recommended a blanket ban on domestic crypto trading and mining as recently as January, citing potential “financial stability risks” related to the sector. Following the ongoing conflict with Ukraine, CBR confessed last month that it had taken a too harsh approach toward cryptocurrency, which may have hampered the sector’s growth.

The Ministry of Finance, on the other hand, feels that cryptocurrency circulation in the Russian Federation should be regulated and taxed rather than banned.

Anisha Pandey

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