According to Commerce Minister Denis Manturov, Russia will allow cryptocurrencies as a means of payment. With the central bank and government working on it, the question now is how such currencies would be regulated, Manturov said at an event on Wednesday. “But what’s really clear to everyone is that sooner or later it’s going to be introduced in one form or another.”
The relevant regulations would be drafted first by the central bank and then by the government. The statement suggests that the two sides, which have been at odds until now, may be able to agree on how to proceed. While the head of the central bank, Elwira Nabiullina, proposed banning the trading and mining of cryptocurrencies, the government was recently open to approval.
Every year in Russia, transactions with an estimated volume of five billion dollars are processed via cryptocurrencies. The Moscow government plans to introduce a digital ruble. The Russian invasion of Ukraine on February 24 made the issue even more explosive.
Industry service CryptoCompare reported in early March that 15.3 billion rubles ($140 million) worth of cryptocurrencies were traded in one day, three times as much as the week before. ECB President Christine Lagarde has warned against using cryptocurrencies to evade sanctions against Russia.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
