“Russia will legalize crypto payments” is only speculation: Report

"Russia will legalize crypto payments" is only speculation: Report 2

The Russian finance ministry revoked all the speculation which was spreading in the crypto industry about Russia adopting Crypto in payment methods.

In Russia, Crypto trading is legal under the official crypto bill of the Russian government, which was introduced in January of last year. But right now the Russian finance ministry is on the waitlist to discuss its new crypto bill to bring a renewed regulation framework in Russia to keep the bad across from this industry.

On 15 April, a highly reputed media channel, Kommersant, reported about the Crypto bill proposed by the Russian finance ministry and noted that it may be introduced in official level discussion in the incoming spring season. 

Importantly, the report didn’t mention at any point where Russia is considering introducing its laws to use crypto for payment purposes.

But still, many media reports considered that Russia is going to introduce a crypto payments framework in the Russian Federation, in the incoming crypto bill. 

At the latest, the Russian finance ministry itself stated against such speculation and indirectly confirmed that there are no such plans. The Ministry noted that no one “digital assets” are a unit of the Monetary System of the Russian federation. 

However, the Ministry rejected such speculation but noted that if any crypto will be allowed to accept in payment options then surely that will not be treated like fiat currency but will be a different token from the Russian Ruble. 

Few reports noted that two high-profile media sources of Russia claimed that they are almost sure to see crypto use in payment methods. There is still no evidence regarding the news on crypto payment adoption and also the Ministry didn’t responded on such things. 

Recently the Tax authority of Russia issued its statement on crypto-based payment systems. According to the Tax Agency, cryptocurrency-based payment systems should be treated under the foreign currencies trade contract. So in this way, the Russian Tax authority suggested allowing businesses to use crypto in payment methods but with high transaction fees under the Fema act. 

Earlier today, Bitcoinik reported that there are chances that the Russian government may allow payments in cryptocurrencies but for selective sector-based agencies or it will be available for retail users with very high fees.

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