Russia could soon be the latest country to lay down ground rules for legalizing cryptocurrencies as a means of payment, a sign that governments around the world are realizing that digital assets are here to stay.
According to a report from Russian state news agency TASS, Industry and Trade Minister Denis Manturov said “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.”
Manturov’s remarks suggest that the Russian government and central bank, who pushed towards a blanket ban on cryptos, may be moving closer to settling their differences.
Until today, crypto in Russia has existed in a legal gray area. Locals were allowed to buy and exchange cryptocurrencies, but companies and exchanges dealing were often under close watch by law enforcement. According to industry estimates, the annual volume of crypto transactions in the country is around $5 billion.
Just days before Russia’s invasion of Ukraine, the central bank said it wants to prohibit the use and mining of cryptocurrencies, arguing that they could be used to threaten its monetary policy sovereignty and the country’s financial stability. Further explaining its unfavorable stance against cryptocurrencies, the regulator argued that they could be used to fund terrorism and result in money laundering.
In a report titled “Cryptocurrencies: Trends, risks, measures”, the central bank said cryptocurrencies…
