Russia legalizes cryptocurrency to circumvent sanctions

The Russian authorities may well recognize digital currencies as a payment instrument, according to the Minister of Industry and Trade Denis Manturov.

Currently, the Russian Cabinet is already preparing several options to tighten control over the circulation of Cryptocurrencies and other virtual assets (we have already written about this). Manturov did not name specific terms for the legalization of cryptocurrencies. However, he added that many in the government believe that such a tool could be used to conduct international transactions under financial sanctions.

«Sooner or later, we will have to legalize such assets. However, before such a step, the government and the Central Bank should work together to develop a mechanism for effective regulation of the cryptocurrency industry,» Manturov said.