Manturov: cryptocurrency can be legalized in Russia

MOSCOW, May 18 – PRIME. Cryptocurrency as a means of payment will be legalized in Russia, it is a matter of time, said the head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov during a speech at the New Horizons educational marathon.

“The short question is the short answer. I think yes. The question is when this will happen, how it will happen, how it will be regulated,” the minister said, answering the question of whether the cryptocurrency will be legalized in Russia as a means of payment.

“Now both the Central Bank and the government are actively engaged in this, but everyone tends to understand that this is the trend of the time. Sooner or later, this will be done in one format or another,” he said. At the same time, Manturov stressed that everything should be legal, in accordance with the requirements and rules that will be formed primarily by the regulator – the Central Bank – and the government.

At the same time, the Central Bank has so far been consistent in rejecting cryptocurrencies, considering them a “money surrogate” and a risky tool. So, in January, the regulator published a report in which it proposed to legally ban the circulation and mining (production) of cryptocurrencies in the country, while not completely limiting their ownership. However, at the end of April, the head of the Central Bank, Elvira Nabiullina, speaking in the State Duma, said that the regulator was only concerned about the situation when “mined” began to be used as a means of payment within Russia, and did not go abroad.

Then the Ministry of Finance opposed such an approach in general and proposed to legalize the market. But until recently, he did not see cryptocurrencies as a means of payment. So, in February, the ministry submitted to the government a bill on the regulation of cryptocurrencies, which, in particular, proposes to maintain a ban on their use as a means of payment in Russia. And in April, the ministry finalized and submitted to the government a bill on the regulation of digital currencies.

The new bill provides for the creation of a comprehensive regulation of the cryptocurrency market, including the procedure for performing transactions with digital currencies and their release, as well as determining the specifics of the activities of the subjects of this market. After that, United Russia deputy Anton Gorelkin stated that “there is no longer a fundamental position of a ban on cryptocurrency as a means of payment.” However, for now, United Russia’s position is that this will be possible only for transactions between legal entities and foreigners, and for individuals, digital assets will be available as investments.