Friday, October 7, 2022

Russia To Legalize Bitcoin Payments, Says Minister

Russia may be edging closer to a breakthrough with Bitcoin (BTC), as the Minister of Industry and Trade Denis Manturov claims that Bitcoin payments will soon be legalized. In what seems like a week of good fortunes for Bitcoin adoption in general, Manturov’s comments follow El Salvador’s meeting with delegates from 44 countries to discuss Bitcoin.   

As quoted by Reuters, Manturov said at a forum in part: 

“Russia will sooner or later legalise cryptocurrencies as a means of payment.”

Meanwhile, the Minister also laid more emphasis on regulation. According to him, legalizing cryptocurrencies is no more in question as the government is already working on that. He then added that the focus is now on keeping crypto regulated once they become legalized.

Bitcoin Payments In Russia

Before now, the Russian government and central bank seem to have been at loggerhead regarding Bitcoin. Recall that the central bank has been vocal about its demand for a blanket ban on Bitcoin. Whereas, in early February, Russia’s Ministry of Finance drew up proposals countering the demands of the central bank.

But going by Manturov’s recent comments, it seems the Russian government and central bank have now found a common ground. And since a resolution is in the works, it is only a matter of time before cryptocurrencies are legalized as means of payment.

Crypto Adoption On The Rise

It is important to note that Russia has been quite open to innovation and crypto-friendly to a reasonable extent. In March, Russia’s finance ministry acknowledged this by announcing an upcoming bill looking to regulate cryptocurrencies. However, the bill will focus especially on mining, seeing the vast potential for growth that crypto has in the country.

There has been an undeniable surge in the adoption of crypto in Russia. In fact, recent data claims that Russians hold no less than 12% of the world’s total crypto. That’s worth around $240 billion.

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