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

  • The legalization of bitcoin and other cryptocurrencies as a means of payment is only a matter of time according to the Russian minister of industry and trade.
  • The minister explains that the process of legalization will happen, it’s just a matter of how it is regulated, and how it is passed.
  • Russian regulatory agencies have danced around the concepts of legalization and bans over the course of the past few months.

Denis Manturov, Minister of Industry and Trade of the Russian Federation, recently expressed his opinion that bitcoin and other cryptocurrencies being legalized in Russia is just a matter of time, according to a report from Russian state news agency TASS.

ban on cryptocurrency, citing systemic threats to the current financial system.

pleaded with regulatory agencies to come to an agreement on the matter due to Russia’s natural resource advantages.

proposal drafted by the Ministry of Finance. During the same month, the Ministry of Finance also submitted a bill.

The Ministry of Finance reportedly expects legislation regulating bitcoin and other cryptocurrencies will be introduced this year and is also working on the collection of tax as it relates to cryptocurrency.