The prospect of Russia making crypto payments legal is inevitable, or as put in the words of the Ministry of Industry and Trade of the Russian Federation, Denis Manturov – “sooner or later”. 

Specifically, the nation’s authority has reportedly been investing resources in deep-diving into different crypto adoption plays throughout 2022, but is still not able to arrive at any finalized policy related to digital asset payments. 

Nonetheless, its legalization has been suggested by Russia’s finance ministry through its “On Digital Currency” bill in April.

Per translations of a May 19 report from local media outlet TASS, Manturov came across inquiries at the New Horizon educational forum this week, regarding whether the process for introducing legalized crypto payments was ongoing.

“I think so. The question is when this will happen, how it will happen, and how it will be regulated. Now both the Central Bank and the government are actively engaged in this. But everyone is inclined to understand that this is a trend of the time, and sooner or later in one format or another, it will be carried out.”

The Central Bank of Russia (CBR) and the Ministry of Finance have up until recently displayed perspective on the two absolute ends of the spectrum in terms of crypto regulation, with the central bank eyeing an outright ban while the ministry sought regulation for taxation.

As recently as January the CBR had put up a proposal for a blanket ban on crypto trading and mining in the local scene, citing reasons related to the possible “financial stability risks” that come with the industry.

Nonetheless, following the current invasion of Ukraine, CBR admitted in April to be adopting an overly unnecessary aggressive attitude towards crypto, which may have dampened the development of the industry.

The bank’s governor, Elvira Nabiullina, also claimed that the different economic sanctions imposed on the nation were the primary driving forces to bring about the change in its anti-crypto sentiments, as it now looks to get the local digital asset market into a “working state.”