Reuters: Russian Minister of Industry Suggests Legalizing Cryptocurrency as Payment Tool

Reuters reported that Russian Minister of Industry and Trade Denis Manturov stated that cryptocurrency may be legalized as a payment tool. Manturov mentioned that the question is when and how it will happen, and how it will be regulated.

According to a report by Reuters, Denis Manturov, the Russian Minister of Industry, has suggested that cryptocurrencies may be legalized as a means of payment. Manturov mentioned that the question is when and how it will happen, and how it will be regulated.

Earlier in March, Pavel Zavalny, Chairman of the State Duma Energy Committee, stated, "For a long time, we have been proposing to friendly countries like China to settle international transactions in rubles and yuan. For Turkey, it can be lira, ruble, the currency pairs can vary, this is a normal practice." Zavalny later clarified that this was his personal opinion and not a policy statement, adding that if Bitcoin were an option, they would trade in Bitcoin.

In April, Elvira Nabiullina, the Governor of the Central Bank of Russia, who had previously been against cryptocurrencies, changed her stance and acknowledged that the Central Bank of Russia needs to relax strict restrictions on digital assets. On the other hand, the Central Bank of Russia has also called for enhanced monitoring of P2P transactions, including cryptocurrency transactions, to prevent a significant outflow of foreign exchange reserves from Russia amid economic sanctions.

Russia's changing attitude towards cryptocurrencies is related to economic sanctions imposed by Western countries. In response to cryptocurrencies, the United States has also taken relevant actions:

Chainalysis provides monitoring tools to identify sanctioned cryptocurrency wallets in line with U.S. sanctions against Russia

U.S. lawmakers propose comprehensive sanctions: "Do not do business with Russian cryptocurrency wallets!"

"Can cryptocurrencies help Russia evade economic sanctions?" Hear what the CEO of Coinbase has to say

U.S. Treasury Department: Cryptocurrencies are too small in scale to require specific legislation to regulate Russian sanctions