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- The Bank of Russia reportedly accepts the allowance of X-border payments in crypto.
- The reason for this acceptance is the current geopolitical conditions.
The Ministry of Finance and the Central Bank mutually agreed and believe that in the near future, it is required to legalize cross-border payments in cryptocurrencies.
Previously, the lawmakers of Russia were strong opponents of the idea of using cryptocurrencies as a payment method. The country adopted a major crypto law as “On Digital Financial Assets,” that officially banned the use of any cryptocurrencies for payment purposes.
What does the Russian Deputy Minister of Finance Say?
In an Interview with the Russia-24 TV channel, Aleksey Moiseev, Deputy Minister of Finance said that in the current conditions “it is impossible to do without cross-border settlements in cryptocurrency.”
Moiseev said over the regulations in crypto, “As for the regulation of the cryptocurrency market, the difference in approaches has remained. But I can say that the Central Bank has also rethought [the approach], taking into account the fact that the situation has changed, and we are rethinking it. Because the infrastructure that we plan to create is too rigid for the use of cryptocurrencies in cross-border settlements, which, of course, we must first of all legalize somehow.”
He said give people the opportunity to do it, and put it under control so that there is no laundering, paying for drugs, and so on. While the regulatory framework will still have to be introduced.
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The Ministry proposal includes that people should have crypto wallets similar to those that are now being opened on the Internet.
He concluded it with, “Now people open crypto wallets outside the Russian Federation. It is necessary that this can be done in Russia, that this is done by entities supervised by the Central Bank, which are required to comply with the requirements of anti-money laundering legislation, and first of all, of course, to know their client.”
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
