Bitcoin and other cryptocurrencies will soon become legal in Russia

Russia is making a move to accept Bitcoin and other cryptocurrencies as a form of payment following harsh international sanctions placed on the nation.

The news comes from Denis Manturov, Minister of Industry and Trade of the Russian Federation, who recently spoke at an event called New Horizon, where he explained that Russia is planning on legalizing Bitcoin and other cryptocurrencies to bolster its economy. Notably, Manturov said that the question is "when it will happen" it's "how it will happen and how will it be regulated". Furthermore, the Russian official said that both the Russian government and Central Bank are on board with the adoption.

Despite Russia's clear motivation toward adopting Bitcoin, the Bank of Russia recently pushed for a complete ban on cryptocurrencies, citing it could undermine the Russian financial system. It seems that tune has been changed since the harsh international sanctions have crippled Russia's economy, with Russia's President Vladimir Putin pleading with financial regulators to come to an agreement on how digital currencies should be regulated.

"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 tends to understand that this is a trend of time, and sooner or later, in one format or another it will be carried out. But, once again, it should be legal, correct, in accordance with the rules that will be formulated," said Manturov at the New Horizon event.