Russia Legalizing Bitcoin A Matter of Time, Says Minister of Industry And Trade

Russia Legalizing Bitcoin

Bitcoin may be legalized in Russia. This opinion was expressed by Russian Minister of Industry and Trade Denis Manturov during the educational marathon “New Horizons” organized by the “Znanie” society.

  • The legalization of bitcoin as a means of payment is only a matter of time according to the Russian minister of industry and trade.
  • The minister said the process of legalization will happen and it’s a matter of regulation.
  • Russian regulatory agencies have danced around the concepts of legalization and bans for years.

Is Bitcoin legal in Russia? There is still no definite answer though promising statements were heard this week: “I believe that yes. (…) The question is when it will happen, how it will happen and how it will be regulated. Both the Central Bank and the government are actively pursuing this right now. But everyone tends to understand that this is the trend of the time, 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,” the minister said.

Russian authorities are currently debating the future of bitcoin and mining in the country. The Bank of Russia insisted on a complete ban on bitcoin, considering it a threat to the Russian financial system. The Ministry of Finance believes that circulation of bitcoin in Russia should be regulated and taxed rather than banned. Deputy Head of Ministry of Energy made clear that it is impossible to cut off electricity for people mining bitcoin.

In February, the government approved the concept of regulation of circulation of digital currencies, which was based on the proposals of the Ministry of Finance. In the same month, the Ministry of Finance submitted a corresponding bill to the government.

The Ministry of Finance expects that legislative regulation of the bitcoin sphere in Russia will be introduced as early as this year. The Ministry is also working on the issue of taxation of income from cryptocurrencies.

In April, Prime Minister Mikhail Mishustin said that he opposed the recognition of bitcoin as a means of payment.

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