Minister of Industry and Trade of the Russian Federation, Denis Manturov revealed the government’s stance on cryptocurrency, as he stated that the cryptocurrency could be legalized in the country by this year.
He shared this while attending the educational marathon “New Horizons”, organized by the “Knowledge” society.
“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,” the minister said.
Russian authorities are exploring cryptocurrency to counter intense global sanctions due to the ongoing war with Ukraine. The authorities are currently in talks to envisage the future of cryptocurrencies and mining in the country.
Russia’s Central Bank Digital Currency (CBDC) is already in the testing phase. Last month, Central Bank chairman Elvira Nabiullina predicted that digital ruble transactions will be conducted in 2023, including the international settlements.
The ministry proposed regulating cryptocurrency circulation, which was approved by the government. The move appears to indicate that Russia wants crypto speculation to be regulated.
