Russia Might Legalize Crypto Sooner or Later, Says Russian Minister

So far only two countries (El Salvador and Central African Republic) have reportedly announced the legalizing crypto currencies like Bitcoin.

Russia Might Legalize Crypto Sooner or Later Says Russian Minister

In a significant development for Crypto world, Russia’s Industry and Trade minister, Denis Manturov has told that Russia may legalize crypto currencies or crypto assets, as reported by Reuters.

The Russian minister expressed his opinion about legalizing crypto currencies while speaking during educational marathon “New Horizons”, organized by the society “Knowledge”.

The minister acknowledged that there are differences between Russia’s central bank and government authorities with regard to acceptance of Crypto currencies in nation’s financial system.

Russia’s central bank is reported to be in favor of imposing total ban on crypto currencies for the reason of their potential use in funding in terror activities and money laundering. Some objection to crypto were with regard to its potential to disrupt financial system and policies of the country.

On the other hand, Russia’s Finance Ministry was not in favor of total ban, but for framing laws and rules for regulating crypto currencies and crypto assets.

The minister also stated that Central Bank and Finance Ministry have been in process of sorting out differences related to crypto acceptance.
This conflict of opinion about crypto currencies is not unique to Russia. Many countries having large size economy have also been grappling with issue of adoption of the new financial technology of crypto assets which has fascinated and overwhelmed financial experts as well as common public.

United States where this blockchain technology and crypto currencies have emerged about 13-14 years back, has not been able to come out with any definite system of regulations with regard to crypto currencies. Same is the situation with India, Britain, or other European nations who have been announcing frequently to be working on bringing out crypto regulations.

So far only two countries (El Salvador and Central African Republic) have reportedly announced the legalizing crypto currencies like Bitcoin. But their decision of legalizing Bitcoin is not being considered as something material due to very small size of their economy.

However, Russia’s possible action of legalizing cryptocurrencies will be highly impactful for crypto currencies’ future in the whole world. Russia is at present fighting war with Ukraine. During this war, both countries have been making use of crypto currencies as a supplement to their fiat currencies.

Ukraine has received million of dollars in aid in the form of Bitcoin. Similarly, Russia has been reportedly receiving some part of international trade payments in form of Crypto currencies by circumventing sanctions imposed by America and its allies for attack on Ukraine.