One member of Russian government suggests that cryptocurrencies would eventually become legal. It is not clear when, Denis Manturov (Trade Minister) stated this week as new crypto legislation was presented in the State Duma.
Russian Minister Recognizes Cryptolegalization as a Current Trend
Cryptocurrency can be legalized in the Russian Federation, according to a statement by the country’s Minister of Industry and Trade Denis Manturov, during the “New Horizons” educational marathon organized by the Russian “Knowledge” society. The Tass news agency quoted the official government as saying:
I think so… The question is when this will happen, how it will happen and be regulated. Both the central bank and government are involved in this. It is obvious that this trend is the current one, and it will continue to be so.
Manturov said that it should be in line with existing laws. Russian authorities are currently deliberating on the future status and implications of cryptocurrency and associated activities, such as mining and trading. Two opposing viewpoints clashed during these discussions.
While the Central Bank of Russia proposed a blanket ban on crypto operations, citing threats to the country’s financial system, the Ministry of Finance believes they should be regulated rather than prohibited and has submitted a new draft law “On Digital Currency” which is expected to be adopted this year.
Also, the ministry was working on taxation for income and profit from transactions using digital financial assets. On the first reading of draft legislation, which was designed to regulate this matter, the State Duma, Russia’s lower house, approved the bill.
Most institutions in Moscow have sided with the Minfin’s approach, including the federal government which backed the department’s regulatory concept in February. At the same time, the majority also agree with Bank of Russia’s stance that cryptocurrency should not be recognized as a means of payment.
A second report recently revealed that authors of new legislation included provisions from the Ministry of Internal Affairs. These include procedures to seize digital currency with a court order in criminal proceedings, and establishment of a special wallet to store seized crypto assets.
Are you optimistic that the Russian Federation will eventually allow cryptocurrency to be legalized? Please leave your comments below.
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