Russian government agencies have yet to reach an agreement on whether cryptocurrency should be regulated or prohibited. Dennis Manturov, Russia’s minister of industry and trade, believes it is only a matter of time before cryptocurrency becomes a payment method in the country, according to a source.
According to the report, Manturov made the statement at a forum in response to a question about whether cryptocurrency could become a legal form of payment.
According to Manturov: – “The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it. But everyone tends to understand that. Sooner or later this will be implemented, in some format or other”.
Russian agencies disagree on the use of cryptocurrency
Russia has been discussing the use of cryptocurrency for several months. Prior to its February 24 invasion of Ukraine, the finance ministry sent a legislative proposal to legalize cryptocurrencies.
While several government organizations support the decision to regulate the industry, the Central Bank of Russia opposes it and has called for a complete ban.
The main reason for regulatory delays is disagreements between the central bank and the Finance Ministry. Russian President Vladimir Putin recently advised both parties to reach an agreement.
Manturov’s statement suggests that the ministry of finance and the central bank have finally reached a compromise that benefits everyone. The On Digital Currency Bill is currently up for discussions and could bring in crypto regulations.
The comprehensive bill contains several provisions that regulate Virtual assets service providers. For example, it requires companies offering crypto services to operate similarly to traditional financial institutions.
Furthermore, it may not accept all types of cryptocurrencies. Only digital tokens with no obligated person will be accepted, which means fiat-backed stablecoins like USDC and USDT may be rejected. It has also been revealed that Russia intends to issue a central bank digital currency. According to available information, the country “plans to have a “digital” rouble capable of making international payments ready by next year.”
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