Russia Hints at Crypto Legalization as Sanctions Bite Hatypov
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18 May

Russia will eventually legalize cryptocurrencies as a means of payment, said Russian Industry and Trade Minister Denis Manturov on Wednesday.

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As per Reuters, Manturov was asked at an education forum whether he believed that cryptocurrencies would become legal tender, to what he responded:

"A short question — and the same answer. I believe yes. The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it. But everyone tends to understand that... sooner or later this will be implemented, in some format or other."

Manturov's comments come after reports that the Biden administration is set to fully block Russian bond payments to US investors after a deadline expires next week. The move is expected to force the Kremlin into its first foreign default in a century.

Moody's: Russia Will Not Be Able to Use Cryptos to Circumvent Sanctions

According to Bloomberg, the Treasury Department's Office of Foreign Assets Control is expected to let a temporary exemption lapse once it expires on May 25. Moscow has to pay an equivalent to around $500 million coming due by the end of June. However, Russia still can pay a portion of that in currencies other than the US dollar.

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