Crypto Legalization in Russia Edging Closer

Since the Russian-Ukraine conflict, crypto has played a huge impact on both ends, especially on the side of Ukraine and that kind of gave a way for people to believe that crypto adoption will be possible for one or both countries. However, Ukraine was the first to adopt crypto because it really played a huge impact on them thanks to the donations made which made people wonder if Russia would do and it was a matter of if.

Due to some recent reports, Denis Manturov the Minister of Industry and Trade in Russia has disclosed that cryptocurrency will soon be legalized in the country that the governments and banks are willing to consider it now. So it’s no longer if the country will legalize it but when will it happen when it does happen it’s going to follow certain rules and regulations.

Currently, preparations are ongoing with the Russian lawmakers on how the regulations would be for the crypto mining and trading but there’s still some scepticism from the country’s central bank because they haven’t always been in support of the idea of adopting crypto in the country but seeing that it has played a major role for them, they will have no choice to consider it.

One of the things to also consider when crypto is adopted in the country is the taxation issue because that’s one thing that might come in later. One of the major supporters of the adoption of crypto is Russia's Ministry of Finance, they have been in support of the regulation and also one person who has always been against it is the central bank's governor, Elvira Nabiullina but since it didn’t go in her favour not to legalize it, it’s expected that legalizing crypto might happen sooner than expected or even before this year runs out.

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