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Is Russia set to approve cross-border crypto transactions

Is Russia set to approve cross-border crypto transactions

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The Russian Ministry of Finance and the Russian Central Bank have agreed on a draft law that will allow Russian citizens to conduct cross-border transactions with cryptocurrencies.

About the proposal

Russian media Kommersant borrowed Aleksei Moiseev, Deputy Minister of Finance of Russia, speaking at the XIX International Banking Forum “Banks of Russia – XXI Century” in Kazan, Russia. The event participants from various ministries, including the central bank and market regulators.

“Now we have an invoice agreed with the central bank in this part… It describes in general how cryptocurrency is acquired, what can be done with it and how it can or cannot be paid with it in general. -border settlements” minister Moiseev.

The bill allows Russian citizens to use digital wallets to participate in cross-border transactions.

Russia feels marginalized

Minister Moiseev has admitted that the increasing adoption of cryptocurrencies around the world has influenced the proposal. He had stated earlier this month, the central bank’s approach makes infrastructure “too rigid” to work alongside cryptocurrencies.

“Now people are opening crypto wallets outside the Russian Federation. It is necessary that this can be done in Russia, that it is done by entities controlled by the central bank…” Moiseyev added, while emphasizing the need for local crypto services so that citizens are not dependent on foreign platforms.

Change in position

Until a while ago, the public opinion of cryptocurrencies in Russia was quite unfriendly, with lawmakers and regulators alike calling for a ban.

At the beginning of the year, the Central Bank of Russia titled about the ban on the issuance of cryptocurrencies in Russia and their use in investments.

This was followed by a decline sent With the decision of the Ministry of Finance on the regulation of cryptocurrencies, which prohibited their use as a means of payment in the country.

However, things have improved recently. In June of this year, Central Bank Governor Elvira Nabiullina stated that cryptocurrencies can be used for international payments as long as they are not traded within the country.

Last month, Russian Prime Minister Mikhail Mishustin expressed how cryptocurrencies could serve as an alternative means of payment for imports and exports. Prime Minister Mishustin emphasized the need for intensive development of innovative technologies.

Russian authorities have begun to realize that the adoption of cryptocurrencies is inevitable. It has become more of a necessity in the current geopolitical environment, especially after the war in Ukraine, which has led to numerous sanctions against Russia.

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