A member of the Russian government opined that cryptocurrencies will eventually be legalized. The question is when it will happen. Commerce Minister Denis Manturov said this week in connection with the advancement of a new bill related to cryptocurrencies in the State Duma.
The legalization of crypto is a modern trend, the Russian minister admits
Cryptocurrencies could be legalized in the Russian Federation, the country’s Minister of Industry and Trade Denis Manturov said at the “New Horizons” educational marathon organized by the Russian Znanie Society. This high-ranking government official, quoted by the TASS news agency, explained the following.
I think … The question is when it will happen, how it will happen, and how it will be regulated. The central bank and the government are actively working on this. Everybody generally understands that it’s the way of the times and that sooner or later, one way or another, it’s going to happen.
Manturov stressed that this has to be done in accordance with laws and regulations that have not yet been adopted or formulated. This year, Russian authorities have pondered the future status of cryptocurrencies and related activities such as trading and mining, with two opposing views colliding in the discussions.
The Central Bank of Russia has proposed a complete ban on cryptocurrency operations, citing threats to the country’s financial system, while the Ministry of Finance believes they should be regulated rather than banned, and has presented a new bill “On Digital Currency,” which is expected to be adopted later this year.
The Ministry is also tackling the taxation of income and profits from digital financial asset transactions. This week, the State Duma, the lower house of the Russian parliament, approved the first reading of a bill aimed at regulating this issue.
Most Moscow institutions sided with the Ministry of Finance’s approach, including the federal government, which supported the agency’s concept of regulation in February. At the same time, most agreed with the Bank of Russia’s position that cryptocurrencies should not be recognized as a means of payment.
Another recent report shows that the authors of the new law included provisions proposed by the Interior Ministry, introducing a court-ordered seizure procedure for digital currency in criminal proceedings and the creation of a special wallet to store seized crypto-assets.
Image Credits: Shutterstock, Pixabay, Wiki Commons