Legalizing Crypto Payments Will Happen “Sooner or Later”: Russia Trade Minister

Within months, the sentiments to ban cryptocurrencies in Russia have changed dramatically, and at present, key government officials are the ones advocating for ways to incorporate the nascent asset class into the system. 

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In a recent revelation, Russia’s Minister of Industry and Trade Denis Manturov said the move to legalize cryptocurrencies as a means of payment in the country is bound to happen “sooner or later.” The claims were made at a forum Wednesday when the minister was asked whether crypto will become a legal payment method in the country.

“The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it,” he replied. “But everyone tends to understand that … sooner or later this will be implemented, in some format or other.”

The Russian government and the Central Bank of Russia (CBR) have divergent views when it comes to how cryptocurrencies should be handled. While the government submitted a counter-proposal that will prevent a blanket ban and harsh fines on cryptocurrencies back in February before the ongoing war with Ukraine kickstarted, the stance of the Industry and Trade minister suggests both parties are beginning to shift grounds.

What Bitcoin Can do for Russia

Similar to countries such as El Salvador, Ukraine, and the Central African Republic, where making payments with Bitcoin and crypto is legal, Russians will be able to experience the ultra-fast payment provisions that Bitcoin affords all users generally.

Besides this, Russia has been reaping a lot of indirect benefits from its embrace of Bitcoin in the wake of the broad-based economic and financial sanctions being levied on it by the United States and Europe for invading Ukraine.

With the permissionless feature of the digital currency, key Russian entities are exploring a number of divergent use cases for the nascent asset class.

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Upcoming Apple iPhone feature to give merchants a way to accept crypto payments

Apple announced plans to launch Tap to Pay for iPhone, a new feature that effectively turns the smartphone into a point of sale (POS) device for businesses and merchants. So, what’s in it for crypto?

The announcement explains that with Tap to Pay, iPhone-owning merchants receive contactless payments by using their mobile devices as a POS machine thanks to the NFC technology.

According to Apple, the soon-to-be-launched Tap to Pay feature will extend support to “Apple Pay, contactless credit and debit cards and other digital wallets.” It basically means that, unless Apple places a direct barrier for it, customers who are using Coinbase Card, Crypto.com Visa Card or a similar payment card would be able to use their cryptocurrency holdings to make payments via Tap to Pay.

While Apple has announced Stripe, an Irish-American fintech, as the first platform to offer the Tap to Pay feature on iPhone, the company clarified that “additional payment platforms and apps will follow later this year.”

Back in Aug. 2021, major crypto exchange Coinbase integrated with Apple Pay and Google Pay, allowing users to purchase crypto assets on its platform. As Cointelegraph reported, the move allowed the United States-based customers to purchase crypto using bank-issued debit and credit cards via a mainstream payments platform, Apple Pay.

In June 2021, Coinbase launched Coinbase Card, enabling users to spend cryptocurrencies across mainstream avenues:

“Coinbase will automatically convert all cryptocurrency to US Dollars and transfer the funds to your Coinbase Card (less conversion fees) for use in purchases and ATM withdrawals.”

Following suit, crypto exchange Crypto.com launched a similar offering named Crypto.com Visa Card, which can be added to Apple Pay and other major digital wallets. Apple said in the announcement:

“Tap to Pay on iPhone will work with contactless credit and debit cards from leading payment networks, including American Express, Discover, Mastercard and Visa.”

Considering Coinbase’s capability to convert a user’s crypto holdings to fiat in real-time for payments, Apple Pay users will be able to use iPhone’s Tap to Pay feature to make crypto payments across mainstream merchants and businesses.

While Apple Pay will, most probably, not allow direct purchase of goods and services via Bitcoin (BTC), it will convert the user’s crypto holdings to match the dollar amount requested by the merchant’s POS machine to make the purchase.

Let’s also not forget that in Nov. 2021, Apple CEO Tim Cook revealed the personal purchase of cryptocurrencies as “part of a diversified portfolio” while highlighting no immediate plans to accept crypto as a means of payment for Apple products.

Apple intends to roll out the Tap to Pay feature on Apple Stores, iPhone XS and later devices.

Related: Bitcoin Lightning Network goes live on Cash App

Cash App, a mobile payment service developed and owned by Twitter co-founder Jack Dorsey’s Block, announced compatibility with the Bitcoin Lightning Network for BTC transfers.

With the launch of the new feature, Cash App users can make faster BTC transactions across mainstream businesses. As Cointelegraph reported, the company has made the feature available everywhere in the United States apart from New York.