The Russian Industry and Trade Minister, Denis Manturov, says that the country will finally legalize cryptocurrencies for payments in some format or another.
BTCUSD is up +2.51%
Manturov says that the nation’s central bank will propose a regulatory framework for the legalization of the asset class. The bank is also planning to launch a digital ruble in the future that it will fully control.
The stance is a deviation from the country’s take on the digital asset, with the Russian central bank proposing a total ban on the asset class.
Cryptocurrencies have remained one of the investment avenues for local investors in Russia. The country’s Prime Minister Mikhail Mishustin says that the Russian HODLers are about 10 million with an overall investment of $130 billion in crypto.
The Russian Ministry of Finance is reportedly formulating a final cryptocurrency regulation bill that allows the Russian-domiciled enterprises to apply to become digital asset operators.