Head of Ministry of Industry and Trade announced the possible legalization of cryptocurrencies in Russia

The minister did not give an exact date, but noted that it “will happen sooner or later.”

What’s new? Cryptocurrencies will be legalized as a means of payment in Russia, said the head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov. The minister did not specify exact dates, but noted that it “will happen sooner or later,” TASS reports.

Material by TASS

Cryptocurrency situation in Russia. Russian authorities are now actively dealing with the issue of the regulation of digital assets. However, the Bank of Russia and the Ministry of Finance are still unable to come to a common agreement.

“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 times and sooner or later, in one format or another, it will be implemented. But, once again, it must be legal, correct, in accordance with the rules that will be formulated,” Manturov stressed.

What happened before? On January 26, President Vladimir Putin instructed the Bank of Russia and the government to come to a common agreement on the regulation of digital assets in the near future.

On April 8, the Ministry of Finance of Russia finalized and submitted a draft federal law “On Digital Currency” to the government. The document clarified and concretized some provisions, including those related to mining.

On 11 April, the Ministry of Energy supported the idea of legalizing mining. The department jointly with the Ministry of Finance is discussing a taxation model for miners. The Ministry of Energy believes that they should consume electricity at a tariff for “others” consumers, rather than at a preferential tariff for the population. Also, the Ministry of Industry and Trade proposed to oblige Russian miners to use domestically produced equipment.

Previously, the Bank of Russia repeatedly criticized cryptocurrencies. However, at the end of April, the regulator discussed the concept of trading digital financial assets with market participants, and Central Bank Governor Elvira Nabiullina also reported the preparation of a systemic solution on mining jointly with the government.