Russian Minister of Justice: Cryptocurrency Doesn’t Yet Need to Be Legally Defined

The Ministry of Justice of Russia does not see the need to legally define the concept of cryptocurrency at this point, state-owned news agency TASS reported on Feb. 13.

Alexander Konovalov, the Minister of Justice of Russia, reportedly claimed that it is too early to formalize crypto-related legislation to date. Konovalov based his remarks on the fact that cryptocurrencies cannot be used as a payment method in the country, according to the Russian Constitution.

Both the constitution and current financial system  legislation in Russia “categorically prohibit” using cryptocurrencies as a means of payment, Konovalov argued, citing article 75 of the country’s constitution.

Speaking at a meeting of the Federation Council — the upper house of the Federal Assembly of Russia — the Minister noted that cryptocurrency might be considered another type of asset in terms of Russian legislation, again urging legislators to avoi