Russian minister says crypto to become means of payment ‘soon’

2022-5-20 15:00

Russia’s minister of industry and trade, Dennis Manturov, believes it’s only a matter of time before crypto becomes a means of payment in the country, Reuters reported.

Manturov made the statement at a forum in response to a question about whether crypto could become a legal means of payment, the report said.

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 crypto use

Russia has been discussing crypto use for several months now. Before it invaded Ukraine on February 24, the finance ministry had sent a legislative proposal to legalize cryptocurrencies.

While several government organizations agree with the decision to regulate the industry, the Central Bank of Russia disagrees and has called for a blanket ban on the industry.

The differences between the central bank and the Finance Ministry are the leading cause behind delays in regulating the industry. Russian President Vladimir Putin recently advised both to reach a compromise.

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.

Additionally, it may not allow all kinds of cryptocurrencies. Only digital tokens that do not have an obligated person will be accepted, which means fiat-backed stablecoins such as USDC and USDT may be unacceptable.

It has also been revealed that Russia plans 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.”

Crypto’s legal status in other countries

While the Russian government and its agencies are yet to decide on the legal status of crypto in their country, other countries worldwide are taking a more proactive approach toward regulating and adopting the industry.

El Salvador’s President Nayib Bukele recently revealed that he met with 44 financial authorities from Africa, Latin America, and Asia to discuss financial inclusion and how his country benefits from its Bitcoin adoption.

The post Russian minister says crypto to become means of payment ‘soon’ appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Render Payment (RPM) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 RPM

payment means minister crypto russian soon says

payment means → Результатов: 126


Фото:

Polygon working with projects on Terra: how will this shape MATIC?

Polygon MATIC/USD is a Layer-2 scaling solution, also known as a sidechain, that was specifically developed to provide faster transactions with lower costs for its users. Polygon also has its own native cryptocurrency token known as MATIC, which is used as a means for the payment of fees on top of the network, for staking, […] The post Polygon working with projects on Terra: how will this shape MATIC? appeared first on Invezz.

2022-5-16 13:29


Russians Have Invested $67 Billion In Crypto As The CBR Flirts With A Ban

According to a recent report by a Russian lawmaker, the country’s citizens have invested over 5 trillion rubles ($67. 5 billion) in the crypto market, but the regulatory terrain remains hostile and unclear with the governor of the Central Bank of Russia increasingly hinting at a highly regulated environment Cryptocurrencies have had legal status in Russia since 2020, although it is forbidden to use them as means of payment in the country.

2021-12-23 02:00


“We Have A Negative Attitude Towards Cryptocurrencies,” says Russian Central Bank Official

While Russian President Vladimir Putin supports crypto as a means of payment, the country’s central bank remains skeptical about them. “We are advocating for Russia’s financial infrastructure not to be used for investments into cryptocurrencies, and this is possible to implement,” Governor Elvira Nabiullina told a briefing on Friday.

2021-12-18 22:11