Trader Minister Says That Crypto Payments Will Be Legalized in Russia

May 19, 2022 2:45 pm

The Minister of Industry and Trade of the Russian Federation just publicly stated that crypto payments being legalized within Russia is just a matter of time.

This bullish outlook comes during the recent crypto market slump where most prominent digital assets are currently in a downtrend.

As investors look for key buying opportunities during this time, it seems the Russian government is also exploring the possible uses of the blockchain and its various benefits.

The legalization of crypto payments has already been recommended by the minister via a bill that was introduced back in April and there is likely progress being made now behind the scenes.

CoinTelegraph reports:

According to a translation of a Thursday report from local media outlet TASS, Manturov was questioned at the New Horizon educational forum this week on whether legalized crypto payments were in the works:

“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.”

“But, once again, it must be legal, correct, in accordance with the rules that will be formulated,” he added.

This bullish outlook in regards to the adoption of crypto within the country has come quite suddenly.

The Russian government previously had opposing views on crypto regulation with even calls to outright ban crypto within the country.

However, following the Russian-Ukraine conflict, it seems that the perspective has taken a complete reverse where its anti-crypto sentiments have been erased.

TheBharateExpressNews concludes:

As recently as January, the CBR proposed a blanket ban on local crypto trading and mining due to potential “financial stability risks” associated with the sector.

However, following the ongoing invasion of Ukraine, CBR admitted last month to taking an overly aggressive stance toward crypto, which could have stifled growth in the sector.

The bank’s governor, Elvira Nabiullina, noted that the numerous economic sanctions imposed on the country were a key factor in changing his anti-crypto sentiments, as he now seeks to put the local market for digital assets in a “state of working”.

With one of the biggest economies in the world actively looking to push for mainstream crypto adoption, investors will likely take this as a sign of opportunity especially during these bear markets.

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