If there is one country where regulations of cryptocurrencies have often been turned upside down, it is Russia. At first, crypto was very popular there because of the high level of corruption in the country. But later, the central bank declared that crypto should be banned, which was then contradicted by the Ministry of Finance. Now, a Russian minister says that payments in crypto will also eventually be legal.
Crypto payments should also become legal
So writes TASS, a Russian media company owned by the state. Denis Manturov, the Minister of Industry and Trade, was at the New Horizon conference. That seems to be an Indian meeting. Manturov thinks that cryptocurrencies themselves and crypto payments will be legal. He said:
The question is when this will happen, how it will happen and how it will be regulated. Both the government and the central bank are involved in this now. Everyone should be aware that this may take a while, but sooner or later, it will be implemented.
However, he adds that even the government must implement this correctly and within the rules.
Is Russia less strict?
It is an unusual comment because it would mean that the government would become less strict in protecting its fiat currency, the Russian ruble. A while back, “hostile countries,” including Europe, had to pay for their oil and gas in rubles instead of euros. That caused a rapid rise in value, and the ruble is now worth even more than it was before the sanctions. At the time of writing, the ruble is already up more than 140% against the euro. This is almost unprecedented within traditional currency markets.
So apparently, the Russian government sees merit in making the buying, selling, and holding of cryptocurrencies legal and allowing people to pay in crypto. It is not clear whether the domestic market is being referred to. It could be that trading with other countries using cryptocurrencies instead of fiat currency is also on the cards.