Denis Manturov, the Russian Minister of Industry and Trade, announced the imminent arrival of regulations for the crypto industry and the minister expects the legalization of cryptocurrencies in Russia this year.
Russian news agency TASS reported that Manturov made the remark while speaking at a New Horizons educational forum and the minister confirmed that Russia has moved beyond the question of “whether” to legalize cryptocurrencies.
The Central Bank of Russia (CBR) and the Russian government are now fully involved in drafting regulations on cryptocurrencies so the question now is when the legislation will be ready, he said.
digital currency
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The question is when will this happen, how will it happen and how will it be regulated Now both the central bank and the government are actively involved in this but everyone tends to understand that this is the trend of the times, and sooner or later, one way or another, it will be implemented,” the minister said.
He added that the rules will remain in compliance with the laws of the Russian market. Manturov’s comment follows the consensus of the CBR and the Russian Ministry of Finance on the adoption of the digital currency.
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Before declaring war on Ukraine, CBR had been pushing for a ban on cryptocurrencies while the Finance Ministry had proposed a bill to regulate and tax the industry.
However, CBR has made a U-turn in its views The central bank has now issued its first license to a commercial bank to allow it to issue digital currencies, according to a Fortune report.
Likewise, the Central Bank of Jordan is also accelerating its work on the Central Bank Digital Currency (CBDC) Elvira Nabiullina, head of the CBR, announced that a beta phase of the digital ruble is likely to be launched in 2023.
While Russia is seriously considering embracing digital currency, there is still doubt that the asset class will help it evade the international sanctions it faces. First, the international sanctions that Russia is facing also ban its trading in digital currencies.
One of these sanctions is from the US Treasury Department’s Office of Foreign Assets Control has added digital currency rules to its Russian sanctions Under OFAC rules, no US citizen or entity may trade with any particular Russian entity.
CNBC reports that international sanctions have put pressure on Russia’s multi-billion dollar crypto market, as well as on the huge reward mining industry.
