Russian Finance Ministry States Cryptocurrency Cards are Legal in the Country

Alexei Moiseev, the russian Deputy Finance Minister was quoted by local. Alexei believes that these transactions are legal in nature, as the merchant is getting the money in the form of Russian rubles.

Using A Crypto Card To Purchase Coffee Is Not Illegal

During the recent Gaidar economic forum, Moiseev admitted that the Ministry of Finance in Russia often receives many queries pertaining to digital assets and their numerous uses. The Gaidar economic forum is an annual event that seeks to bring together businessmen, academicians, and politicians to discuss the opportunities and challenges facing the country.

Alexei made an example using a case of a local russian individual who was recently convicted for paying his utility at a local café using a payment card that had already been connected to a crypto account. According to the ministry, the transaction was completely legal. Into the card.

Local to the fiat currency at the end of the transaction. This is a currency that is fully compliant with the existing local laws.

Ivan Tikhonov, the founder of Bitsmedia, a crypto news outlet noted that crypto enthusiasts should not be afraid to use the cards as they are completely legal. Not only the Russian tax services.

In addition, the holders of such accounts would also be required to Ivan went on to explain that the account holders were responsible for doing this under the Code of Administrative Offenses.

Currently, there are a number of crypto debit cards that can be used in Europe and North America. These cards are in many cases integrated with crypto wallets as well as payment processors. These are processors that convert the cryptocurrency into fiat money for both in-store and online.

Digital Currency Is No Longer A Pyramid Scheme

During the forum, the Russian finance minister was also quick to point out that the crypto industry had recently undergone many changes, all of which were positive in nature. Unlike in years, the cryptocurrencies, no longer bear the signs associated with financial pyramid schemes.

He was on the social network and he was a member of the Italian government. Digital financial assets or cryptocurrencies are not included in the country. However, this is expected to change this spring when the Russian parliament is set to adopt the three laws that are aimed at regulating the cryptocurrency sector.