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Russian Government Officials Reach Agreement To Legalize Crypto for Cross-Border Settlements: Report

Russian Government Officials Reach Agreement To Legalize Crypto for Cross-Border Settlements: Report

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Russia is reportedly legalizing digital assets for cross-border payments with a new agreement signed by the country’s top financial authorities.

According to a report by the Russian Kommersant, Russian Deputy Finance Minister Alexei Moiseyev says that the Ministry of Finance and the Central Bank have agreed on a new policy.

Moiseev says in the report,

“It generally describes how cryptocurrency is acquired, what can be done with it and how it can or cannot be used for cross-border payments in general.”

Moiseev previously said that the country plans to move in this direction while ensuring that controls are in place to prevent money laundering and the purchase of illegal drugs.

“Because the infrastructure we are creating is too rigid for the use of cryptocurrencies in cross-border settlements, which of course we have to legalize in some way first. On the one hand, giving people the opportunity to do it, on the other hand, to get it under control, so that there is no laundering, paying for drugs and so on.

He said it was necessary to allow people in Russia to open cryptocurrency wallets.

“Now people are opening crypto wallets outside the Russian Federation. It is essential that this can be done in Russia, that it is done by entities supervised by the central bank, who must comply with the requirements of anti-money laundering legislation and, above all, of course, know their customers. .”

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trades are at your own risk, and any losses are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/ValDan22



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