Russia to legalize Bitcoin, other cryptocurrencies

Russia is about to join the club of countries that have legalized criptocurrency payments. According to local media reports, Denis Manturov, the Russian Minister of Industry and Trade, stated that the legalisation ofBitcoin and other cryptocurrencies in Russia is a matter of time.

When asked if the country would legalise cryptocurrencies, the Minister said, "The question is when it will happen, how it will happen, and how it will be regulated." Both the Central Bank and the government are actively involved in this. The Russian government is interested in the future of criptocurrences and cripto mining in the country. In January, the Bank of Russia urged a complete ban on cryptocurrencies, citing risks to the existing financial system.

The Ministry of Finance, on the other hand, said that cryptocurrencies should instead be regulated. President Vladimir Putin urged regulatory bodies to reach an agreement on the matter due to Russia's natural resource advantages.

The proposal by the Ministry of Finance approved the concept of regulatingBitcoin and other cryptocurrencies in February. During the same month, the Ministry of Finance also submitted a bill.

According to local media reports, the Ministry of Finance's legislation to regulate cryptocurrencies would be rolled out by the end of the year.