Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration
May 18 (Reuters) – Russia will sooner or later legalise cryptocurrencies as a means of payment, Industry and Trade Minister Denis Manturov said on Wednesday, suggesting that the government and central bank may be moving closer to settling their differences.
Shortly before Russia sent tens of thousands of troops into Ukraine on Feb. 24, the finance ministry submitted legislative proposals that clashed with the central bank's demand for a blanket ban.
Manturov was asked at a forum whether he believed cryptocurrencies would become legal as a means of payment.
"The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it," he replied.
"But everyone tends to understand that … sooner or later this will be implemented, in some format or other."
Russia has plans to issue its own digital rouble, but the government has only recently come round to supporting the use of private cryptocurrencies, having argued for years that they could be used in money laundering or to finance terrorism.
However, Central Bank Governor Elvira Nabiullina has said the bank cannot welcome investments in cryptocurrencies, which account for about $5 billion worth of transactions a year by Russians, and has proposed banning trading and mining them.
Citing risks to financial stability from the rising number of crypto transactions, other central bank officials said last year they did not see room for cryptocurrency to be used on the Russian financial market.
Manturov said regulations for the use of cryptocurrencies would in the first instance be formulated by the central bank, and then by the government.
Our Standards: The Thomson Reuters Trust Principles.
Sign up to our investor newsletter to get the latest news and trends in global financial markets.
Subscribe to our newsletter to get all the news you need to start your day.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved
