2 November 2024
Cryptocurrency Is Likely To Become Russia's New Means of Payment
Since January 2021, Russia has allowed Cryptocurrencies, but they cannot be used to buy goods or services.
Recently, Russia introduced a new Crypto law on the usage of Cryptocurrencies as a form of currency.
However, after 16 months, Moscow has decided to change its mind and will add Cryptocurrencies to its financial system.
Denis Manturov, Industry and Trade Minister of Russia, said that the Central bank and government would "sooner or later" legalize cryptocurrencies as a means of payment. Now, Moscow is working towards creating its digital currency, but previously it opposed the use of private Cryptocurrencies. Central bank governor, Elvira Nabiullina, recently stated that the bank cannot accept Cryptocurrency investments, which account for around $5 billion in yearly Russian transactions, and has advised that Cryptocurrency trading and mining be prohibited.
From 2020, the Russian banks have been allowed to open Cryptocurrency exchanges under the central bank's supervision, and new digital currencies can be produced, but only under central bank’s supervision.This approach shows pragmatic attitude to Cryptocurrencies and their acceptability in Russia. Moscow is planning to release its digital rouble, but after years of criticizing private Cryptocurrencies, the Kremlin has only recently supported their use.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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