A member of the Russian government believes that cryptocurrencies will eventually be legalized. As new crypto-related legislation was presented in the State Duma, Denis Manturov, Trade Minister, stated that it is unclear when this will occur.
Russian Minister Recognizes Crypto Legalization as a Current Trend
According to Denis Manturov (Russian Minister of Industry and Trade), cryptocurrency could be legalized in Russia according to a statement made during the “New Horizons”, educational marathon organized by Russian “Knowledge”. The Tass news agency quoted the official government as saying:
Yes, I believe so. The question is how and when it will occur. This is something that the central bank and government are actively involved in. This is a trend that everyone can see and understands. It will happen sooner or later in one form or another.
Manturov stressed that this should be done in compliance with any laws or rules yet to be formulated. Russian authorities are currently deliberating on the future status and implications of cryptocurrency and related activities, such as mining and trading. Two opposing viewpoints clashed during these discussions.
The Central Bank of Russia proposed an overall ban on crypto operations. This was based on threats to Russia’s financial system. However, the Ministry of Finance believes that they should be allowed and has submitted the new draft law “On Digital Currency”, which is expected to be approved this year.
The ministry is also working on the taxation income and profits from digital financial asset transactions. The draft legislation was approved by the State Duma (the lower house of the Russian parliament) on the first reading.
Many Moscow institutions have supported the Minfin’s approach. This includes the federal government, which supported the department’s regulatory idea in February. However, most of the respondents also agreed with Bank of Russia’s position that cryptocurrency should not become a payment method.
A second report recently revealed that the new legislation has included provisions from the Ministry of Internal Affairs. These include procedures for seizing digital currencies and the establishment of special wallets for storing seized cryptocurrency assets.