Denis Manturov: Legalization of cryptocurrencies is a matter of time

The head of the Ministry of Industry and Trade considers the legalization of digital currencies in Russia inevitable.

Speaking at the educational marathon “New Horizons”, organized by the society “Knowledge”, the Minister of Industry and Trade of the Russian Federation Denis Manturov, answering questions from participants, expressed his opinion that Russians are waiting for the legalization of cryptocurrencies:

“I think so. The question is when it 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 the trend of the times, and sooner or later, in one format or another, this will be done.”

Manturov noted that in addition to the Ministry of Industry and Trade, the government, the Ministry of Finance and the Bank of Russia are actively involved in regulating cryptocurrencies and taxing transactions with digital assets. However, a full understanding has not yet been reached.

The relevant ministries believe that the circulation of cryptocurrencies in the Russian Federation should be regulated and taxed, and not banned. In turn, the Bank of Russia continues to insist on a complete ban on the circulation of cryptocurrencies, considering them a threat to the financial system of the Russian Federation and citizens of the country. In April of this year, the position of the Central Bank was supported by Prime Minister Mikhail Mishustin, who opposed the recognition of cryptocurrencies as a means of payment.

On May 18, deputies of the State Duma adopted in the first reading a bill on amendments to the Tax Code of the Russian Federation. The document establishes the specifics of VAT taxation of operations with digital financial assets, and also introduces a tax on corporate income and income of individuals from the sale of digital assets.