The leading Russian government agencies are now again working on the framework to adopt crypto use in payment methods.
Crypto trading is legal in Russian Federation under the crypto bill, which was introduced on 1 January 2021. In Q4 2021, the Central Bank of Russia proposed its framework to ban crypto from the Russian federation more likely to China but later the Finance Ministry of Russia supported crypto adoption under the renewed framework.
On 19 May, Russia local news media TASS reported that Denis Manturov, Minister of Industry and Trade of the Russian Federation, was questioned about whether government agencies are continuously working to introduce crypto in payment systems. Then in response, Manturov indirectly hinted that government agencies are working together on this matter but it will be a matter of time before it will get introduced.
“I think so. The question is when this will happen, how it will happen, and how it will be regulated. Now both the Central Bank and the government are actively engaged in this. But everyone is inclined to understand that this is a trend of the time, and sooner or later in one format or another, it will be carried out.”
However, the statement of the Trade Ministry noted that the Central Bank and other leading government agencies are working but here these things are somewhat contradictory because in the past the Bank of Russia always criticized the crypto & blockchain industry and always worked to bring a ban on this industry.
Russia vs Ukraine conflict
The whole world knows very well about the Russia vs Ukraine war, which started in late February of this year. This war is still going on. War only resulted in a loss for Russia as well as for Ukraine.
Because of the Russian military invasions on Ukraine, US & EU like big economic powers imposed trade sanctions and also imposed financial sanctions on Russia.
Under this critical situation, Russian government agencies are seeking ways to bypass such sanctions with the use of cryptocurrencies.