Russian officials approve use of crypto for cross-border payments: Report

Russian officials approve use of crypto for cross-border payments: Report

According to reports, the Bank of Russia and Russia’s Ministry of Finance reached an agreement that allows cross-border settlements of cryptocurrencies.

Kommersant reported that Russia’s Deputy Financial Minister Alexei Moiseev has said that the Russian government department had reached an agreement with the central bank “on the whole” over a rule that would allow residents to send cross-border payments through cryptocurrencies. According to reports, the proposed policy change was intended to allow Russian nationals access digital wallets.

According to Moiseev’s report, “[The policy] generally explains how to acquire cryptocurrency and what can be done with them, as well as how it can or can’t be settled in cross-border settlements.”

Russian news agencies reported that the central bank was discussing cross-border cryptocurrency payments with government officials. The Bank of Russia, however, reportedly refused to allow crypto exchanges in Russia to operate legally. They also rejected cryptocurrency legal tender.

Moiseev stated:

“Now that crypto wallets are being opened outside of Russia, it is important to do so in Russia with entities supervised and regulated by the central bank. They are required to adhere to Anti-Money Laundering requirements and Know Your Customer requirements.

Russia has had mixed relations with crypto. The country passed legislation in 2020 that prohibited the use of cryptocurrency, including Bitcoin (BTC), for payments. In July, President Vladimir Putin signed a bill that prohibited the use of digital financial assets for payments. Denis Manturov, the Trade Minister, suggested that Russia would soon legalize crypto payments.

Similar: 72% of Russians claim they have never purchased Bitcoin: Survey

Comprehensive economic sanctions have been imposed on the government, certain businesses and individuals of Ukraine since February’s Russian invasion. The United States Treasury Department included 22 people and two Russian-based entities on its sanctions list on September 15, claiming that they had supported the government’s goals in Ukraine.

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