Russia will legalize cryptocurrency as a form of payment, according to a minister.

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Last Updated on May 19, 2022 by Bitfinsider

Cryptocurrencies have been permitted in Russia since January 1 of last year, but they cannot be used to buy goods or services.

Russia has passed a new cryptocurrency law that, while not as strict as the previous prohibition, places strict restrictions on the use of cryptocurrencies as a form of cash.

Denis Manturov, Russia’s Industry and Trade Minister, said on Thursday that the government and central bank will “sooner or later” legalize cryptocurrencies as a means of payment, implying that the government and central bank are getting closer to a solution.

Russian banks have been allowed to set up cryptocurrency exchanges under the supervision of the central bank from 2020, and new digital currencies can be produced, but only under the control of the central bank.

This shows that Russia is taking a more pragmatic approach to cryptocurrencies and their acceptability, as opposed to what some had predicted would be a near-total ban on cryptocurrency activity in the country.

Manturov was questioned at a forum if he thought cryptocurrencies would become legal as a form of payment.

“The question is, when this happens, how will it be controlled, given that the central bank and government are actively working on it,” Manturov said.

“However, the broad opinion is that… this will be implemented in some form sooner or later,” the Russian official said.

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